A Market in Economics Is a Set of Arrangements That

question 2

True/False

A market in economics is a set of arrangements that brings buyers and sellers together in a physical location.

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Definitions:

Spoils System

A political practice where a political party, after winning an election, gives government jobs to its supporters as a reward and as an incentive to keep working for the party.

Bureaucratic Appointments

The process of assigning individuals to positions within governmental organizations or agencies, often based on qualifications and sometimes political affiliations.

President Andrew Jackson

The seventh President of the United States (1829-1837) known for his populist policies and role in the Indian Removal Act.

Privatization

The transfer of ownership or provision of public services or assets from the government to private individuals or organizations.