In Most Societies, Who Allocates Resources

question 169

Multiple Choice

In most societies, who allocates resources?

• A) a single central planner
• B) those who own the resources
• C) those firms that use resources to provide goods and services
• D) the combined actions of millions of households and firms

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Definitions:

Productive Contribution

The input or service provided by a factor of production towards the making of goods and services.

Corporate Form

A legal structure for businesses recognized as separate entities from their owners, providing limited liability protection and enabling easier access to capital.

Cost Efficient

Achieving a specific goal or output with minimum expense or least waste.

Economic Profit

The discrepancy between sum revenue and sum expenses, taking into account both acknowledged and assumed costs.