____ Refers to the Tools and Ideas Available for Extending

question 106

Multiple Choice

____ refers to the tools and ideas available for extending the natural physical and mental reach of humankind.

• A) Abstract knowledge
• B) Technology
• C) Abilities
• D) Science
• E) Skills

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Definitions:

Privatization

The process of transferring an enterprise or industry from government to private ownership and control.

Free Markets

Economic systems where prices for goods and services are determined by the open market and consumers, with minimal government intervention.

Regulatory Bureaucracies

Government agencies tasked with enforcing rules and regulations to ensure the safety, fairness, and efficiency of markets and industries.

Mixed Economy

An economic system combining elements of capitalism and socialism, featuring both private enterprise and government intervention in the market.