Examlex
Which of the following is not a basic element of the E-R Model?
Government Involvement
Refers to the activities and interventions by the government in the market to regulate or support economic operations and social policies.
Wages
Wages refer to the fixed regular payment, typically calculated on a hourly, daily, or piecework basis, made by an employer to an employee.
Interest Rates
The percentage charged on borrowed money, influencing economic growth by affecting consumer spending and investment.
Equilibrium
A state in a market where supply equals demand, and there are no external forces prompting further change, leading to a stable price and quantity.
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