The Market System Is Characterized By

question 108

Multiple Choice

The market system is characterized by:

• A)extensive government constraints on individual behaviour.
• B)private ownership of the means of production.
• C)government control of all production decisions.
• D)government rationing of all goods and services.

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Definitions:

Nonunion Representation Plans

Workplace arrangements designed to represent employee interests without forming a union, often through employee committees or boards.

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.