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Orela NES MGSS Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+Orela NES MGSS Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+Orela NES MGSS Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+Or...

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  • April 15, 2025
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Orela NES MGSS
  • Orela NES MGSS
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Orela NES MGSS Questions with Detailed Verified
Answers (100% Correct Answers) /Already Graded A+
Periodization
Ans: Act of dividing subjects into historical eras


Scarcity
Ans: Humans with unlimited wants and needs in a world of limited
resources


Supply/Demand
Exampromax - Stuvia US




Ans: price determination in market; quantity demand of
Approved By:




consumer=quantity supplied by producers


Inflation
Ans: Rise in general level of prices of goods and services in economy over a
period of time


Traditional economy
Ans: Subsistence agriculture


Market Economy
Ans: Investment, production, distribution based on supply and demand


Capital
Ans: Already produced durable goods that are used in production of goods
and services

, 2 promax - Stuvia US 2025/2026

GDP
Ans: Market value of goods and services produced within a country in a
given period


Entrepreneur
Ans: one who understands innovations, finance, and business
accumulation in effort to transform innovation into economic goods


Nation-State
Ans: Sovereign state inhabited by relatively homogenous group of people
who share a feeling of common rationality
Exampromax - Stuvia US
Approved By:




Theocracy
Ans: Government, god/deity is recognized as supreme civil ruler, laws
become interpreted by ecclesiastical authorities


Fiscal Policy
Ans: Use of government revenue collection (taxation) and expenditure to
influence the economy


Monetary Policy
Ans: Government policy that attempts to manage the economy by
controlling the money supply and thus interest rates for economic growth
and stability.


Command Economy (planned)

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