System Is an Interconnected and Coordinated Set of Elements and Processes

question 15

True/False

System is an interconnected and coordinated set of elements and processes that converts inputs to desired outputs.

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Definitions:

Units

A standard or basic quantity into which an item of supply is divided, issued, or used.

Clothing

Garments and articles worn on the body, typically made from fabric or textiles.

Budget Constraint

The limitation on the consumption bundles that a consumer can afford given their income and the prices of goods and services.

Income

The sum of all a household’s wages, salaries, profits, interest payments, rents, and other forms of earnings in a given period of time. It is a flow measure.