Economic Systems Differ According to Which Two Main Characteristics

question 264

Multiple Choice

Economic systems differ according to which two main characteristics?

• A) who owns the factors of production and the methods used to coordinate economic activity
• B) the technology used in production and the quantity and quality of natural resources
• C) how goods are produced and who gets them
• D) the political system in place and the degree of scarcity facing the economy

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Definitions:

Competency-Based Pay

Pay based on an employee’s skill level, variety of skills possessed, or increased job knowledge

Hay Profile Method

A job evaluation technique using three factors—knowledge, mental activity, and accountability—to evaluate executive and managerial positions.

Market Pricing

The practice of setting salaries based on the prevailing wage rates for similar positions in the external labor market.

Knowledge and Accountability

The principle that having access to information or understanding responsibilities leads to being held responsible for actions and decisions.