Values Refer to

question 49

Multiple Choice

Values refer to

• A)personally or socially held beliefs that are consistent within a given culture.
• B)the beliefs that dictate a person's behavior often derived from a religious code of conduct.
• C)personally or socially preferable modes of conduct or states of existence that tend to persist over time.
• D)the innate sense of what a person considers being right or wrong in terms of his or her own conduct when dealing with others.
• E)personal traits regarding honesty and integrity and ones preferable modes of conduct or states of existence that have been passed down from generation to generation.

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Definitions:

Marginal Productivity

The extra output or benefit gained from increasing one unit of a particular resource while keeping other resources constant.

Income Distribution

The way in which total income is divided among individuals or households in an economy.

Labor

The human effort, both physical and mental, used in the production of goods and services.

Capital

Economic resources or assets used in the production of goods and services, such as machinery, buildings, or tools.