In Terms of the Two Main Forms of Economic Organization

question 48

Multiple Choice

In terms of the two main forms of economic organization, the firm can be understood as:

• A)An organization that sells products and services to its environment as its "raison d'etre"
• B)An organization based around financial resources and physical resources
• C)An organization comprising individuals bound by employment contracts to a central contracting authority
• D)An organization with employees obeying managers

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Definitions:

Snail

A slow-moving, terrestrial or freshwater mollusk with a soft, unsegmented body encased in a typically spiral shell.

Caterpillar

The larval stage of a butterfly or moth, characterized by its segmented body and growth through molting.

Turtle

A reptile characterized by a shell covering its body, which allows it to retract its head and limbs for protection; they can live in aquatic or terrestrial habitats.

Cheetah

A large felid of the subfamily Felinae, known for its incredible speed and agility, making it the fastest land animal.