When an Economic System Is Based on Ownership of the Means

question 73

Multiple Choice

When an economic system is based on ownership of the means of production by the people for their collective benefit it is classified as a __________ system.

• A) capitalist
• B) socialist
• C) democratic socialist
• D) corporatist

Acknowledge the contributions of psychology to understanding human behavior and mental processes.

Appreciate the diversity of psychological perspectives and their application in understanding complex human behaviors.

Distinguish between applied and pure research in psychology.

Understand the basic differences between forward contracts and futures contracts.

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Definitions:

Resource Acquisition

The process by which firms obtain necessary inputs and resources to carry out their operations.

Productivity

The measure of how efficiently production inputs, such as labor and capital, are converted into outputs, or goods and services.

Turnover

Refers to people leaving their jobs, whether voluntarily or involuntarily (i.e., through firings).

Absenteeism

The habitual non-presence of an employee at their job, which can include both justified absences, such as illness, and unjustified absences.