Advanced Democracies Are Characterized by Rational and Secular Institutions, Part

question 10

Multiple Choice

Advanced democracies are characterized by rational and secular institutions, part of what makes us describe them as:

• A)diffused.
• B)hierarchical.
• C)modern.
• D)universal.
• E)progressive.

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Definitions:

Innovation

The first commercially successful introduction of a new product, use of a new method of production, or creation of a new form of business organization.

Property Value

The market worth of a property, including land and any buildings on it, influenced by location, condition, and market trends.

Market System

A market system is an economic system in which decisions regarding investment, production, and distribution are based on supply and demand, and prices are determined in a free price system.

Property Rights

Property rights are the legal rights to use, control, and dispose of property, including land, buildings, or intellectual property.