-Refer to the Above Figure

question 388

Multiple Choice

-Refer to the above figure. A movement from point A to point B indicates

• A) an increase in demand.
• B) a decrease in demand.
• C) an increase in quantity demanded.
• D) a decrease in quantity demanded.

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Definitions:

Socialism

An economic and political system where the means of production, distribution, and exchange are owned or regulated by the community as a whole, aiming for equal wealth distribution.

Private Enterprise System

A private enterprise system is an economic system where businesses are owned and operated by private individuals or companies, with minimal government intervention.

Economic Recession

A period of temporary economic decline during which trade and industrial activities are reduced, generally identified by a fall in GDP in two successive quarters.

Business Cycle

The natural fluctuation of economic activity over time, marked by periods of expansion, peak, contraction, and trough.