A Characteristic of the Market System Is

question 270

Multiple Choice

A characteristic of the market system is

• A) extensive use of direct or manual methods of production.
• B) a focus on labor, as opposed to capital resources.
• C) reliance on the use of capital goods in indirect modes of production.
• D) avoidance of producing goods that do not satisfy consumer wants directly.

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Definitions:

Bailment

describes a legal relationship in which one party temporarily relinquishes possession but not ownership of a piece of property to another party under agreement.

Carport

A covered structure used to provide limited protection to vehicles, primarily from rain and snow, which unlike a garage, is open on two or more sides.

Liable

Refers to being legally responsible for something, usually implying a duty to make restitution for harm or damage caused.

Salvage

A reward given to persons who voluntarily assist a sinking ship to recover its cargo from peril or loss.