Which System Is Characterized by the Private Ownership of Resources

question 180

Multiple Choice

Which system is characterized by the private ownership of resources and the use of prices to coordinate economic activity in unregulated markets?

• A) a pure command system
• B) a transitional system
• C) a traditional system
• D) a pure capitalist system
• E) a mixed system

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Definitions:

Salesperson And Customer

The relationship and interaction between an individual who sells products or services and the individual who buys or is intending to buy those products or services.

Mutual Mistake

A situation where all parties involved in a contract are mistaken about a fundamental fact at the time of contract formation, potentially making the contract voidable.

Risk Of Mistake

A legal principle concerning the risks associated with the potential for misunderstanding or miscommunication in the terms of a contract or agreement.

Accepted The Risk

The concept in law where an individual acknowledges and willingly exposes themselves to a known danger or risk.