One of the Basic Principles of Economics Is That Markets

question 211

Multiple Choice

One of the basic principles of economics is that markets are usually a good way to organize economic activity. This principle is explained by the study of

• A)factor markets.
• B)energy markets.
• C)welfare economics.
• D)labor economics.

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Definitions:

Eminent Domain

The authority of a state or its representatives to seize private land for communal purposes, provided there is fair remuneration.

Private Property

Ownership of property (land, buildings, goods, etc.) by individuals or corporations legally recognized.

Public Use

The use of property or resources for the benefit or welfare of the general public or community.

State Governments

The governing bodies of individual states within a federal system, responsible for local law enforcement, education, and other public policies.