In a Closed Economy, What Is Private Saving

question 87

Multiple Choice

In a closed economy, what is private saving?

• A)the amount of income that households have left after paying for their taxes and consumption
• B)the amount of income that businesses have left after paying for the factors of production
• C)the amount of tax revenue that the government has left after paying for its spending
• D)always equal to investment

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Definitions:

Productivity Growth

The increase in the efficiency of production of goods and services, measured by the output per unit of input over time.

Managers

Individuals responsible for planning, organizing, leading, and controlling resources and teams to achieve organizational goals.

Zero Defects

A quality management concept aimed at reducing defects and ensuring products meet quality standards by encouraging a culture of continuous improvement.

Philip Crosby

An influential figure in quality management who developed the concepts of "zero defects" and "the cost of quality," emphasizing that quality management can reduce costs.