The Way in Which an Economy's Resources Are Converted to Output

question 189

Multiple Choice

The way in which an economy's resources are converted to output is part of the _______________ environment.

• A) competitive
• B) economic
• C) political
• D) technological
• E) social

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Definitions:

Unilateral Contract

A legal agreement in which only one party makes a promise or undertakes a performance obligation in exchange for an act by the other party.

Breach of Contract

An act of breaking the terms set out in a contract, which can result in legal consequences for the party that fails to honor its commitments.

True Value

The genuine or actual worth of an item, service, or financial instrument as determined by underlying characteristics and market conditions.

Valid Contract

An agreement between two or more parties that is enforceable by law and meets all the legal requirements.