An Industry Is Defined As

question 28

Multiple Choice

An industry is defined as:

• A)all the productive capacity of the national economy
• B)a reality based on geography and not a perception
• C)a group of business units producing complementary goods and services
• D)a group of organisations producing close substitutes

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Definitions:

Equity

Fairness or justice in the way people are treated or how resources are distributed.

Efficiency

The optimal use of resources to achieve the desired outcome with minimal waste or expense, often associated with productivity and economic contexts.

Welfare Economics

The branch of economics that focuses on the optimal allocation of resources and goods and how the allocation affects social welfare.

Equitable Outcome

An equitable outcome is a situation or result in economic transactions or distributions that is considered fair or just among all parties involved.