An Association of People Organized Under a System of Rules

question 17

Multiple Choice

An association of people organized under a system of rules designed to advance the good of its members over time is called a

• A) business.
• B) constitution.
• C) government.
• D) monopoly.
• E) society.

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Definitions:

Apartments

Residential units within a building or complex that are owned or rented for living purposes.

Normal Good

An item whose demand grows when the income of consumers goes up, and diminishes when their income goes down.

Used Cars

Pre-owned vehicles that have had one or more retail owners, sold through various outlets including dealerships and private sales.

Input Production

The process of using resources (inputs) to create goods or services.