An Economic System

question 74

Multiple Choice

An economic system

• A)requires a grouping of private markets linked to one another.
• B)is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.
• C)requires some sort of centralized authority (such as government)to coordinate economic activity.
• D)is a plan or scheme that allows a firm to make money at some other firm's expense.

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Definitions:

Painful Situation

A distressing or discomforting circumstance that causes mental or physical pain.

Projection

A defense mechanism of trying to blame another for one’s own inadequacies.

Compensation

Payment or reward given for services rendered, work done, or for some injury or loss.

Personal Shortcoming

A lack or deficiency in one's character or behavior that affects personal development or relationships.