In a Market System

question 40

Multiple Choice

In a market system:

• A) people do not have to generally agree and obey laws.
• B) no informal rules of conduct are required.
• C) private property rights are defined, established, and protected by law.
• D) very few ownership structures must be created.

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Definitions:

Punctuated Equilibrium

A theory suggesting that evolutionary development is marked by isolated episodes of rapid speciation between long periods of little or no change.

Hierarchy

A structure where groups or individuals are organized in levels of importance or power, each one superior to the one below.

Informal

Informal pertains to actions or situations that occur without official formality, often characterized by a relaxed, casual approach.

Midpoint Transition

The phase in a project or process where there is a shift from the planning and development stages to the implementation and completion stages.