What Does the Economy Represent as a System

question 69

Multiple Choice

What does the economy represent as a system?

• A) the means of production only
• B) the non-efficient use of material resources
• C) the flow of resources from production through consumption
• D) the means of capitalistic systems

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Definitions:

Supervening Events

Events that occur after the formation of a contract which could render the performance impossible or significantly change the nature of the original agreement.

F.O.B. Buffalo

An Incoterm meaning Free On Board Buffalo, indicating that the seller delivers when the goods are loaded on board a vessel at the Buffalo location, with the seller covering transportation to that point but the buyer taking responsibility thereafter.

Tender

An offer of payment or delivery of goods in fulfillment of an obligation or contract.

Buffalo, NY

A city in New York State, known for its snow-heavy winters and as the home of the Buffalo wings.