Compared to the Foraging Mode of Livelihood, the Industrial/digital Economy

question 5

Multiple Choice

Compared to the foraging mode of livelihood, the industrial/digital economy mode of livelihood __________.

• A)produces goods in response to consumer demand
• B)employs people in manufacturing and service industries
• C)is the production of goods through mass employment in business and commercial operations
• D)is divided between the formal and informal sector
• E)all of the above

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Definitions:

Market Quantity

The total amount of goods or services available for purchase within a specific market.

Consumer Surplus

The divergence in total potential expenditure consumers are ready to make on a good or service against actual expenses incurred.

Welfare Economics

A branch of economics that focuses on the optimal allocation of resources and goods and aims to evaluate social welfare.

Equilibrium Price

The cost point where the amount of a product or service sought by consumers matches the amount available from producers.