After Marriage,Joe and Monica Decide to Shift to Milano,a Peaceful,multicultural

question 3

Multiple Choice

After marriage,Joe and Monica decide to shift to Milano,a peaceful,multicultural residential area located on the outskirts of the city of Robinville.Milano is an example of a ________.

• A)settlement
• B)ghetto
• C)suburb
• D)village

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Definitions:

Supply and Demand

Supply and demand is a fundamental economic model that explains the interaction between the sellers of a resource and the buyers for that resource, determining its price and quantity in a market.

Allocation of Resources

The process of assigning available resources, or factors of production, to specific uses chosen among many possible and competing alternatives.

Productivity

The assessment of how effectively a person, machine, factory, or system can transform inputs into valuable outputs.

Labor Input

Refers to the total hours worked or the number of employees engaged in production in the economy.