What Are the Three Broad Forms of Economic Systems

question 105

Multiple Choice

What are the three broad forms of economic systems?

• A) laissez-faire, authoritarian, egalitarian
• B) market, command, and mixed
• C) local, state, federal
• D) ethical, political, radical
• E) individualist, collectivist, majoritarian

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Definitions:

Employment-At-Will Doctrine

The employment-at-will doctrine is a legal principle that allows either the employer or the employee to terminate employment at any time without having to provide a reason, barring illegal discrimination.

Implied Contract

An agreement created by actions of the parties involved, but not written or spoken explicitly.

Union Activity

Refers to the efforts, movements, and actions taken by labor unions to represent and protect workers' rights and interests in the workplace.

Progressive Disciplinary

Progressive disciplinary refers to a step-by-step procedure employed by organizations to deal with employee misconduct, escalating from mild to severe actions.