Private Ownership and Competitive Markets Are Important for Economic Growth

question 123

Multiple Choice

Private ownership and competitive markets are important for economic growth because they provide individuals with a strong incentive to

• A) care for resources and use them beneficially.
• B) innovate and introduce new products that are highly valued relative to their cost.
• C) produce goods efficiently.
• D) all of the above are correct.

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Definitions:

Exclusive Union

A labor union that is the sole representative of all the employees in a business or organization, having the right to negotiate on their behalf.

Knights of Labor

A significant labor organization in the late 19th century U.S. that advocated for broad social reforms, including the eight-hour workday, and welcomed all laborers.

Workers

Individuals engaged in a particular job or sector, contributing their labor for compensation.

Uplift Union

A union strategy focusing on improving the social and economic status of workers through education, community involvement, and positive labor relations practices.