Changes in Cost of an Activity Can Occur If the Demand

question 41

True/False

Changes in cost of an activity can occur if the demand for the resource exceeds the supply or if the demand for the resource drops.

---

Definitions:

Social Class

A division of a society based on social and economic status, influencing individuals' lives, opportunities, and access to resources.

Social Mobility

Shift of individuals, households, or groups across various positions within a societal hierarchy or class system.

Socioeconomic Status

An indicator of a person's or household's place within societal and economic rankings, determined by factors such as income, level of education, and job type.

Life Chances

In sociology, "life chances" refers to the opportunities each individual has to improve their quality of life, based on various socioeconomic factors.