The Three Stages of Economic Development Include

question 42

Multiple Choice

The three stages of economic development include

• A) the agriculture stage, the manufacturing stage, and the service sector stage.
• B) the computerized stage, the agriculture stage, and the manufacturing stage.
• C) the feudal stage, the agriculture stage, and the totalitarian stage.
• D) the agriculture stage, the manufacturing stage, and the socialist stage.

---

Definitions:

Units

Basic measurement or quantity of a product, used to track inventory, production, and sales in various contexts.

Total Revenue

The entire amount of income received by a firm from selling its goods or services before any expenses are deducted.

Total Cost

The sum of fixed and variable costs incurred by a firm in producing and offering a product or service for sale.

Fixed Cost

Costs that do not change with the level of output or sales, such as rent, salaries, and insurance premiums.