The Economic System That Includes Private Ownership of Most Resources

question 63

Multiple Choice

The economic system that includes private ownership of most resources and the coordination of economic activity by price signals generated by market forces is

• A)capitalism
• B)socialism
• C)communism
• D)mercantilism
• E)progressivism

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Definitions:

Transportation Model

A mathematical model used in operations research to optimize the allocation and movement of resources across locations, minimizing costs while meeting requirements.

Cells

In manufacturing, a cell refers to a setup of machinery or workstations arranged in a sequence to optimize the production process.

Sources

The origins or providers of information, materials, or resources.

Destinations

The end points or locations to which goods, services, or information are sent.