Use the Following Spectrum Diagram to Answer Questions

question 4

Multiple Choice

Use the following spectrum diagram to answer questions
-If A on the spectrum above represents a resource ownership system where resources are jointly owned by the public and held by the government, what type of resource ownership system is represented by B?

• A)Command
• B)Socialist
• C)Market
• D)Capitalist

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Definitions:

Guidelines

General rules, principles, or pieces of advice that suggest how something should be done or what something should be.

Account Category

The classification of accounts into different types, such as assets, liabilities, equity, revenue, and expenses, to organize financial information effectively.

Assets

Economic resources or valuable items owned by a business, capable of being converted into cash or used in generating revenue.

Liabilities

Financial obligations a company owes to outside parties, such as loans or accounts payable.