Fill in the Blanks in Each Statement Below Based on the Flowchart

question 50

Essay

Fill in the blanks in each statement below based on the flowchart design steps discussed in the chapter.
a.Establish the ______.
b.Determine ______.
c.List ______ performed within each ______.
d.Select appropriate ______.
e.Prepare a ______.
f.______ the flowchart with others.
g.______ as needed.

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Definitions:

Long-Run Aggregate Supply

The total quantity of goods and services an economy can produce when resources are fully employed, assuming constant technology and factors of production.

Labor Force

The total number of people employed and unemployed, seeking employment in an economy.

Technology

The application of scientific knowledge for practical purposes, especially in industry, involving the development and use of technical means and their interrelation with life, society, and the environment.

Stock of Capital

The total quantity of physical assets used in the production of goods and services in an economy.