An Economic System in Which Resources Are Privately Owned and Allocated

question 20

Multiple Choice

An economic system in which resources are privately owned and allocated by the market is called

• A) market capitalism
• B) market socialism
• C) centrally-planned capitalism
• D) centrally-planned socialism
• E) a tradition-based economy

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Definitions:

Egoistic Deprivation

A sense of lacking or being deprived based on the focus on oneself's needs and desires.

Fraternal Deprivation

A feeling of discontent caused by the belief that one's group is unfairly disadvantaged compared to another group.

Social Movement

An organized collective effort by a large group of people to achieve a specific goal, typically a social or political change.

Mob Action

Refers to actions or activities carried out by a large group of people, often in an unruly or violent manner.