What Term Refers to the Set of Mechanisms and Institutions

question 36

Multiple Choice

What term refers to the set of mechanisms and institutions that resolve the basic economic questions?  

• A) economic system 
• B) production possibilities dilemma 
• C) business economic resolution device 
• D) absolute advantage economic determination

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Definitions:

Competitive Advantage

A significant edge a company has over its competitors, allowing it to generate greater sales or margins and/or retain more customers.

Fast-Growth Companies

Businesses characterized by rapid expansion in revenue, size, or market share over a short period.

Successful Online Business

An internet-based enterprise that achieves its objectives such as profit generation, customer satisfaction, and sustained growth.

Secretary of State

A high-ranking official in the government responsible for the foreign affairs portfolio or the management of certain domestic administrative tasks in some countries.