________ Is the Name of a Free-Market Economic System in Which

question 130

Multiple Choice

________ is the name of a free-market economic system in which most of the factors of production and distribution -- such as land, factories, railroads, and stores -- are owned by individuals.

• A) Socialism
• B) Capitalism
• C) Communism
• D) Marginalism

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Definitions:

Utility Maximizing

The process or behavior of consumers attempting to get the greatest amount of satisfaction from their consumption choices, subject to their income and the prices of goods and services.

Consumption Map

A graphical representation showing different combinations of goods or services that provide equal satisfaction or utility to a consumer.

Budget Line

The budget line represents the combinations of two goods that a consumer can purchase with a given budget, taking into account the prices of the goods.

Consumer Preference

Individuals' or groups' choices and priorities regarding products, services, or other consumption activities.