An Economic System That Relies Primarily Upon Custom and Habit

question 110

Multiple Choice

An economic system that relies primarily upon custom and habit in economic decision making is referred to as a

• A)market system.
• B)traditional system.
• C)command system.
• D)mixed system.
• E)communist system.

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Definitions:

Human Resources

The department in an organization that is responsible for managing employee-related functions such as recruitment, training, payroll, and benefits.

Drive System

A method of management focused on maximizing output through intense supervision and control over workers, often at the expense of their well-being.

Factor Of Production

An economic term describing the inputs used in the production of goods or services in the attempt to make an economic profit. These include land, labor, capital, and entrepreneurship.

Equity

The concept of fairness and justice in treatment, sharing, and opportunity, or ownership interest in an asset or business.