The Fact That a Higher Standard of Living Tomorrow Can

question 43

Multiple Choice

The fact that a higher standard of living tomorrow can only be achieved by sacrificing consumption today is an example of the:

• A)principle of comparative advantage.
• B)scarcity principle.
• C)principle of increasing opportunity costs.
• D)equilibrium principle.

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Definitions:

Suggestion Systems

Formal methods of generating, evaluating, and implementing employee ideas.

Upward Systems

Organizational mechanisms that facilitate the flow of information from lower levels of a hierarchy to upper levels, often used for feedback, suggestions, and reporting issues.

Downward Systems

Communication channels that convey information and directives from higher levels of an organization to its lower levels.

Employee Rights

Legal or moral entitlements pertaining to individuals' workplace conditions, safety, and treatment.