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Changes in the Composition of Demand Among Industries or Regions

question 76

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Changes in the composition of demand among industries or regions are called sectoral shifts.


Definitions:

Contract Law

The body of law that governs the formation, enforcement, and interpretation of contractual agreements.

Clear Evidence

Highly convincing or indisputable proof that supports a claim, allegation, or decision.

Negotiable Instrument

A formal document that promises to pay a certain sum of money, either upon request or at a specified date, with the right for the recipient to pass it on to someone else.

Privity

A concept in contract law referring to the relationship between parties in a contract, limiting the rights and obligations to those parties directly involved.

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