Answered: hich of the below economies would the…

hich of the below economies would the vast majority of people engage in simple agricultural activities and consume most of their output. a. Raw material economy b. Subsistence economy c. Industrializ

Foundations of Business - Standalone book (MindTap Course List)

4th Edition

ISBN:9781285193946

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter1: Exploring The World Of Business And Economics

Section: Chapter Questions

Problem 2DQ

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Concept explainers

Economic Trends

An economic trend is the long-term direction of an economy. The trend can go up, down, or sideways. An upward trend means the economy is growing and wages are rising. A downward trend means the economy is shrinking and unemployment is increasing. A sideways trend means the economy is neither growing nor shrinking.

Question

In which of the below economies would the vast majority of people engage in simple agricultural activities and consume most of their output.

		a. Raw material economy
		b. Subsistence economy
		c. Industrializing economy
		d. Emerging economy
		e. Industrial economy

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