What Does the Term "Mode of Production" Refer To

question 55

Multiple Choice

What does the term "mode of production" refer to?

• A)the dominant form of government organization in a society
• B)the dominant form of technological advancements in a society
• C)the dominant form of social and technical organization of economic production in a society
• D)the dominant form of dispute settlements that exist within a particular society

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Definitions:

Profit

The financial gain realized when the amount of revenue gained exceeds the expenses, costs, and taxes involved in sustaining the activity.

Price

The total money needed for acquiring a good, service, or asset.

Short Run

A period during which at least one of a firm's inputs is fixed, limiting its capacity to adjust to changes in demand.

TC

Total Costs, the sum of all costs incurred in the production of goods or services.