The Economic System in Which Producers and Consumers Control Production

question 221

Multiple Choice

The economic system in which producers and consumers control production and allocation decisions through supply and demand is called

• A) a centrally planned economy.
• B) privatization.
• C) a market economy.
• D) communism.
• E) socialism.

---

Definitions:

Egocentric Speech

Speech that is focused on the self, often observed in young children, reflecting their limited ability to take the perspective of others.

True Dialogue

Genuine, open exchange of ideas and thoughts where participants actively listen and respond to each other with respect and understanding.

Conversational Partners

Individuals engaged in verbal interaction, where they exchange ideas, information, or feelings through spoken words.

Language Acquisition Device

A hypothetical module of the human mind proposed by Noam Chomsky, posited to account for children's innate capacity for language acquisition.