A Typical Society Strives to Get the Most It Can

question 37

Multiple Choice

A typical society strives to get the most it can from its scarce resources.At the same time,the society attempts to distribute the benefits of those resources to the members of the society in a fair manner.In other words,the society faces a tradeoff between

• A)guns and butter.
• B)efficiency and equality.
• C)inflation and unemployment.
• D)work and leisure.

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Definitions:

Satisfied Customers

Customers who have their needs and expectations met or exceeded by a company's products or services, which often leads to repeat business and positive word-of-mouth.

Bottom-line Profits

The net income a company earns after all expenses and taxes have been deducted from total revenue.

Organization Chart

A diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs.

Fishbone Diagram

A visual tool used for systematic problem analysis, also known as the Ishikawa diagram, it helps identify, explore, and display the possible causes of a specific problem.