If Different People Own the Different Stages of Production of a Commodity

question 61

True/False

If different people own the different stages of production of a commodity, a contract or market relationship helps to minimize transaction risks and creates economic value.

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Definitions:

Skinner

An influential American psychologist best known for his work in behaviorism and the development of the theory of operant conditioning.

Recognition

The cognitive process of identifying previously encountered information from a group of choices.

Cognitive Process

The cognitive process of gaining knowledge and comprehension via thinking, experiencing, and sensory perception.

Familiar

Well known from long or close association.