The Central Aspect of Economic Development Is __________

question 6

Multiple Choice

The central aspect of economic development is __________.

• A)rising per capita income
• B)capital accumulation
• C)increasing skills of the population
• D)the adoption of new technological styles

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Definitions:

Economy

The system or range of economic activities in a region, country, or community, including the production, consumption, and trade of goods and services.

Self-correct

The ability of an economic market to adjust and return to equilibrium without external intervention.

Aggregate Demand Curve

Represents the total spending on domestic goods and services at various price levels, showing the inverse relationship between price level and demand.

Short-run Aggregate Supply

Represents the total amount of goods and services that producers are willing and able to supply at different price levels in the short-term, considering some prices are sticky.