Behaviour in Free- Market Economies Is

question 30

Multiple Choice

Behaviour in free- market economies is

• A)determined by a central authority.
• B)based primarily on custom and habit.
• C)random and unpredictable.
• D)mostly affected by elements of tradition and government command.
• E)mostly directed by self interest.

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Definitions:

Production Possibilities Frontier

A graph that represents all the highest production options for two or more products, based on a specific set of resources.

Commodity Per Time

A measure of the rate at which goods or services are produced, delivered, or consumed over a specific period.

Other Commodity

General term for any marketable item produced to satisfy wants or needs, distinct from services.

Point C To D

A reference to moving or transitioning from one defined position or condition to another within a given context.