In Competitive Markets,the Price of a Given Product Is Established

question 20

True/False

In competitive markets,the price of a given product is established through the forces of supply and demand.

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Definitions:

Net National Income Per Capita

A measure that represents the total income of a nation divided by its population, indicating the average income per person.

Gross National Income Per Capita

The total domestic and foreign output claimed by residents of a country, divided by the population of the country.

Net Domestic Product Per Capita

A measure of a country's economic output per person, excluding the costs of depreciation of capital goods. It gives an indication of the average standard of living and economic well-being of the population.

Command-based Economy

An economy where production, investment, prices, and incomes are determined centrally by a government.