What Is Software

question 21

Multiple Choice

What is software?

• A) Any computer-based tool that people use to work with information and support the information and information-processing needs of an organization
• B) The set of instructions that the hardware executes to carry out specific tasks
• C) Consists of the physical devices associated with a computer system
• D) An electronic device operating under the control of instructions stored in its own memory that can accept, manipulate, and store data

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Definitions:

Circular Flow Model

An economic model illustrating the movement of goods, services, and money between households and businesses in an economy.

Demand

The desire and ability of consumers to purchase goods or services at given prices, playing a critical role in determining market prices and quantities.

Supply

The aggregate availability of a product or service for acquisition at a designated price.

Competition

A market situation in which multiple sellers are trying to sell their product or service to the same buyers, leading to a struggle for market share.