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Today, the Most Industrially Advanced Societies Have the Vast Majority

question 31

Multiple Choice

Today, the most industrially advanced societies have the vast majority of their people employed in the __________.


Definitions:

Factors of Production

The resources utilized in the production of goods and services, traditionally categorized into land, labor, and capital.

Circular-Flow Model

A model that illustrates the movement of resources and money between firms and households in an economy.

Capital

Wealth in the form of money or other assets owned or employed in business by an individual, firm, or country.

Wages and Income

Represents the earnings received by laborers for their work and can include salaries, wages, and other forms of compensation.

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