A System Which Is Characterized by the Private Ownership of Resources

question 139

Multiple Choice

A system which is characterized by the private ownership of resources and the use of prices to coordinate economic activity in unregulated markets is known as a _____

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

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Definitions:

Race Times

The durations taken to complete a race, often used in statistical analyses to compare the performance of different athletes or conditions.

Government Employees

Individuals who work within the various branches of the government (national, state, local) and are paid through the public sector budget.

Private Sector Workers

Employees who work for businesses owned by individuals or entities other than the government or public sector.

Phalanges

The bones of the fingers and toes.