____ Economies Are Recognizable by Their Tendency to Allow Market

question 64

Multiple Choice

____ economies are recognizable by their tendency to allow market forces to determine business strategies and to have private ownership of property.

• A) Communist
• B) Market
• C) Industrializing
• D) Pure competition
• E) Socialist

---

Definitions:

Flexibility

The ability to adapt to changes or to adjust operations, policies, or procedures as required by circumstances or business needs.

High-Involvement Firms

Organizations that engage employees in decision-making processes, contributing to a sense of ownership and motivation.

Pay for Knowledge

A compensation strategy where employees are paid based on the skills, knowledge, and abilities they bring to their job, rather than solely on their job title or position.

Broad Banding

An approach to salary structures that consolidates many pay grades into fewer broad bands to provide more flexibility in employee compensation.