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Match the Word or Phrase with Its Meaning

question 51

Multiple Choice

Match the word or phrase with its meaning.
-Outdoing others


Definitions:

Economic Functions

Concern the roles and operations of an economy, including production, distribution, and consumption of goods and services among individuals and organizations.

Private Property

A legal designation for the ownership of property by non-governmental legal entities.

Command System

An economic system where production and distribution decisions are made by a central authority.

Central Planning

An economic system in which the government or a central authority makes all decisions about the production and distribution of goods and services.

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