The Social Forces of the Environment Include the Demographic Characteristics

question 197

Multiple Choice

The social forces of the environment include the demographic characteristics of the population and its

• A)geographic locations.
• B)social classes.
• C)cohorts.
• D)culture.
• E)ethics.

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Definitions:

Output Produced

The total quantity of goods and services produced by an economic system during a given period.

Classical Theory

An economic theory advocating for free markets, minimal governmental intervention, and the belief that markets are self-regulating.

Loanable Funds Market

A theoretical market where borrowers and lenders interact, determining the market interest rate based on the supply and demand for loanable funds.

Say's Law

An economic theory suggesting that the production of goods creates its own demand, essentially asserting that "supply creates its own demand."