In a _____, the Factors of Production Are Owned Collectively

question 143

Multiple Choice

In a _____, the factors of production are owned collectively rather than individually, and no incentives to work harder or to produce quality products are provided.

• A)private enterprise
• B)communist economic system
• C)mixed economy
• D)socialistic
• E)capitalistic

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Definitions:

Essential People

Individuals who are considered crucial or indispensable in a specific context, often due to their skills, roles, or contributions.

Formal Training Programs

Structured educational or skill development sessions organized by employers to enhance the competencies of their employees.

Effective Leadership

Effective leadership involves leading others towards achieving specific goals or visions by inspiring, motivating, and fostering an environment conducive to success.

Skill Needed

Refers to the specific abilities or expertise required to perform a particular job or task effectively.