How Do Economists View Profits

question 200

Multiple Choice

How do economists view profits?

• A) Profits are an asset the business holds.
• B) Profits are one of the costs paid to a factor of production.
• C) Profits are guaranteed as long as a firm operates ethically.
• D) The firm's profit equals the sum of all payments to the 5 factors of production.

Identify and describe the main components of Vygotsky’s sociocultural theory of cognitive development.

Analyze and articulate the critiques of Piaget’s cognitive development theory.

Explain the process of scaffolding and its importance in cognitive development according to Vygotsky.

Recognize the stages of cognitive development as described by Piaget and how each stage contributes to overall cognitive abilities.

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Definitions:

Indian Caste System

A hierarchical and traditional division of society into hereditary classes that dictate the occupation, social status, and marital alliances of its members.

Estates

Social or economic classes, particularly those seen in pre-modern societies, or refers to a large area of land owned by an individual or family.

Michael Blakey

An American anthropologist, bioarchaeologist, and professor known for his work in the field of human skeletal biology and the study of historical impacts on African American populations.

Institution of Slavery

A social and economic system in which individuals are owned by others, deprived of personal freedom and forced to work.