The Economic System That Includes Private Ownership of Most Resources

question 63

Multiple Choice

The economic system that includes private ownership of most resources and the coordination of economic activity by price signals generated by market forces is

• A)capitalism
• B)socialism
• C)communism
• D)mercantilism
• E)progressivism

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Definitions:

Unadjusted Cost

The initial cost of an item or service before any adjustments like discounts, allowances, or modifications are made.

Cost of Goods Sold

The specific costs incurred in the making of goods that a company sells, which include materials and labor.

Schedule

A structured plan that outlines the times at which certain tasks, events, or activities are intended to occur.

Underapplied Manufacturing Overhead

The condition in which the manufacturing overhead costs assigned are lower than the real overhead costs that have been incurred.