An Economic System Is the Set of Rules That Define

question 197

Multiple Choice

An economic system is the set of rules that define _______ and _______.

• A) resources; prices
• B) who gets to vote; when elections will be held
• C) market prices; factors of production
• D) how an economy's resources are to be owned; how decisions about the resources are to be made

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Definitions:

Scenario Analyses

The process of evaluating and analyzing possible future events by considering various alternative outcomes or scenarios.

Cash Flow

The total sum of money and money-like assets that move into and leave a company.

Average Collection Period

The approximate amount of time that it takes for a business to receive payments owed, in terms of receivables, from its customers and clients.

Accounts Receivable

Represents money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.