________ Economy Is an Economy That Produces What Consumers Demand

question 32

Multiple Choice

________ economy is an economy that produces what consumers demand and does so at the least possible cost.

• A) An inefficient
• B) An efficient
• C) A government-controlled
• D) A command

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Definitions:

Tangible Property

Physical assets that can be seen, touched, and measured, such as real estate, vehicles, machinery, and other material possessions.

Furniture

Movable items designed to support various human activities such as seating, eating, and sleeping, as well as to hold objects at a convenient height for work.

Fee Simple Absolute

An ownership interest in which the holder has exclusive rights to ownership and possession of the land; the most comprehensive type of estate.

Conditional Estate

An ownership interest in which the holder has the same interest as that in a fee simple absolute except that this interest is subject to a condition.