This Theoretical Approach Asserts That Since Industrialized Nations Are Doing

question 40

Multiple Choice

This theoretical approach asserts that since industrialized nations are doing so well,poor countries should naturally want to be like them.

• A)Modernization theory
• B)Dependency theory
• C)World system theory
• D)Development theory

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Definitions:

Price Sensitivity

The degree to which the price of a product or service affects consumers' purchasing behaviors or demand for that product or service.

Elastic

Describes a situation in economics where the demand or supply for a product changes significantly when its price changes.

Inelastic

Refers to a market for a product or service that is price insensitive; that is, relatively small changes in price will not generate large changes in the quantity demanded.

Products

Items or services offered by a business to customers, which can include physical goods, services, and digital products.