The Comparison of What an Economic System Produces with the Resources

question 46

Multiple Choice

The comparison of what an economic system produces with the resources used to produce it is known as

• A) the resource ratio.
• B) real GDP.
• C) purchasing power parity.
• D) the balance of trade.
• E) productivity.

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Definitions:

Product Class

A broader category that encompasses groups of goods or services that serve a similar function or are targeted to the same consumer segment.

Digital Music Downloading

The process of obtaining music files from the internet onto a device for offline listening.

Fad Products

Items that become extremely popular in a short period of time but whose popularity fades away just as quickly.

Product Life Cycles

The progression of a product through stages from introduction to growth, maturity, and decline, affecting marketing strategies and business decisions.