An Economic System

question 206

Multiple Choice

An economic system

• A) requires a grouping of private markets linked to one another.
• B) is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.
• C) requires some sort of centralized authority (such as government) to coordinate economic activity.
• D) is a plan or scheme that allows a firm to make money at some other firm's expense.

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Definitions:

Solo Effect

The solo effect occurs when an individual working alone on a task performs differently, typically better, than when working in a group.

Minority Groups

Demographic groups that are smaller in number within a larger society or community, often distinguished by cultural, ethnic, or racial differences.

Leaders

Individuals who guide, influence, or command groups, organizations, or countries.

Situational Leadership Theory

A leadership model that proposes the effectiveness of a leadership style is contingent upon the readiness or developmental level of the leader's followers.