______________ Are Based on the Right of Individuals to Own

question 57

Multiple Choice

______________ are based on the right of individuals to own income-producing property,such as land, water,mines,and factories,and the right to "buy" people's labor.

• A)Socialist economies
• B)Capitalist economies
• C)Imperialist economies
• D)Communist economies

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Definitions:

Work in Process

Inventory that is in the production process but is not yet completed or ready for sale.

Finished Goods

Merchandise that has undergone the entire manufacturing process and is prepared for sale to buyers.

Direct Labor

The labor costs of workers who are directly involved in the production of goods or services.

Indirect Labor

Labor costs not directly tied to the production of goods or services, such as maintenance staff and supervisors.