_____ Is an Economic System Based on Private Ownership of Property

question 63

Multiple Choice

_____ is an economic system based on private ownership of property and competition in producing and selling goods and services.

• A) Communism
• B) Anarchism
• C) Totalitarianism
• D) Socialism
• E) Capitalism

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Definitions:

Accounts Payable

Liabilities to creditors that are to be paid within a short period of time, typically within one year.

Revenue

The whole sum of profit generated by a company through the selling of services or goods pertinent to its primary business functions.

Telephone Bill

A statement of charges for voice or data services provided by a telecommunications company.

Accounts Payable

Liabilities or money owed by a business to its suppliers or creditors for goods and services received but not yet paid for.