An Economic System That Focuses on Supply and Demand in the Marketplace

question 13

Multiple Choice

An economic system that focuses on supply and demand in the marketplace and emphasizes minimal government regulation of the economy is called

• A) a command economy.
• B) mercantilism.
• C) colonialism.
• D) a laissez-faire economy.

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Definitions:

Cohesiveness

Refers to the degree of camaraderie within a group.

Productivity

The measure of efficiency in converting inputs into useful outputs, often evaluated in terms of the amount of output produced per unit of input.

Reward Allocation Norms

Guidelines or principles that dictate how rewards such as recognition, salary increases, or promotions are distributed within an organization.

Social Loafing

The tendency of individuals to exert less effort on a task when working in a group than when working alone.