A Paradigm Is a Preconceived Idea of What the World

question 121

True/False

A paradigm is a preconceived idea of what the world is, what it should be like, and how it should operate and this can influence creativity.

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Definitions:

Supply Curve

A graph showing the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell, generally depicted as upward sloping.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded.

Nominal Interest Rate

The stated interest rate on a loan or investment, not adjusted for inflation.

Loanable Funds

The money available for borrowing; the market where savers supply funds for loans to borrowers.