Private Ownership and Competitive Markets Are Important for Economic Growth

question 123

Multiple Choice

Private ownership and competitive markets are important for economic growth because they provide individuals with a strong incentive to

• A) care for resources and use them beneficially.
• B) innovate and introduce new products that are highly valued relative to their cost.
• C) produce goods efficiently.
• D) all of the above are correct.

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Definitions:

Iron-bearing Minerals

Minerals that contain iron as a significant component, often influencing the rock's color and magnetic properties.

Rounded Pebbles

Small, smooth rocks that have been eroded and smoothed over time by water or other natural forces.

Shells

Shells are hard, protective outer layers created by animals, particularly mollusks such as snails, oysters, and clams, as a form of protection or body support.

Well Sorted

A condition of sedimentary particles that display a narrow range of sizes due to the action of transport and deposition processes.