In a _____ Economy, Private Individuals (As Opposed to a Central

question 23

Multiple Choice

In a _____ economy, private individuals (as opposed to a central planner) make decisions.

• A) market
• B) government controlled
• C) socialist
• D) barter

---

Definitions:

Land Contract

A financing agreement for the purchase of real property, where the seller holds the title until the purchaser completes all installment payments.

Installment Contract

A contractual agreement where the buyer makes payments over time to the seller for the purchase of property, goods, or services.

Purchase Price

The amount of money paid to buy a good, service, or asset.

Foreclosure by Power of Sale

A method of foreclosure that allows a lender to sell the property without court supervision once a borrower defaults on mortgage payments.