With the Mass Production of Goods and Advancements in Technology,there

question 88

Multiple Choice

With the mass production of goods and advancements in technology,there was a major shift in __________.

• A)human labor
• B)fishing
• C)medical care
• D)religious practices
• E)none of the above

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Definitions:

Economic Profits

Profits in excess of what is considered normal or expected, considering both explicit and implicit costs.

Five Fundamental Questions

Key questions in economics that address what to produce, how to produce, for whom to produce, when to produce, and where to produce goods and services.

Central Bank

The national financial institution that oversees the monetary system of a country, controlling interest rates and currency supply.

Scarce Supply

Refers to the condition where the availability of a particular good or resource is insufficient to meet the demands.