Which of the Following Is a Fundamental Characteristic of the Market

question 226

Multiple Choice

Which of the following is a fundamental characteristic of the market system?

• A)property rights
• B)central planning by government
• C)unselfish behavior
• D)government-set wages and prices

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Definitions:

State Apparatus

Structures and institutions through which a state exercises its power and authority, including the government, military, police, and judicial systems.

Capitalism

Capitalism is an economic system characterized by private ownership of the means of production, where profits are generated through the operation of competitive markets.

Private Ownership

The legal right of individuals or entities to own property and assets independently of the government or communal entities.

Criminal Laws

The body of law that relates to crime, prescribing the conduct perceived as threatening, harmful, or otherwise endangering to individuals and property, including the punishment of people who violate these laws.