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An Economic System That Answers the What, How, and for Whom

question 23

Multiple Choice

An economic system that answers the What, How, and For Whom questions using prices determined by the interaction of the forces of supply and demand is a:


Definitions:

Voidable

A term used to describe a contract that is valid and enforceable, but may be legally declared void at the option of one of the parties due to certain defects.

Minor

A person under the age of majority, legally considered incapable of making certain decisions and contracts on their own behalf.

Ratify

To formally approve or confirm an agreement or treaty, making it officially valid.

Enforceable

Capable of being imposed or upheld by legal means or action.

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