An Economic System Characterized by Private Property, Competitive Markets, Economic

question 48

Multiple Choice

An economic system characterized by private property, competitive markets, economic incentives, and limited government, involvement in the production, distribution, and pricing of goods and services is called

• A)capitalism.
• B)robber barons.
• C)political ideology.
• D)liberalism.
• E)conservatism.

---

Definitions:

Real Wages

Wages adjusted for inflation, reflecting the purchasing power of income earned from work.

Output per Worker

A measure of labor productivity calculated as the total output produced divided by the number of workers.

Market Supply Curve

A graphical representation showing the quantity of a good that sellers are willing and able to sell at different prices.

Labor

The human effort, both physical and mental, used in the production of goods and services.