Which System Is Characterized by the Private Ownership of Resources

question 180

Multiple Choice

Which system is characterized by the private ownership of resources and the use of prices to coordinate economic activity in unregulated markets?

• A) a pure command system
• B) a transitional system
• C) a traditional system
• D) a pure capitalist system
• E) a mixed system

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Definitions:

Comparative Advantage

The skillfulness of an individual or team in performing a particular economic function more proficiently than another task.

Bushels

A unit of volume that is used in dry commodities trading, commonly used in agriculture for measuring grains.

Corn

A cereal plant that yields large grains, or kernels, set in rows on a cob; a major grain crop in various parts of the world.

Oats

A species of cereal grain grown for its seed, which is known for its health benefits and is used as livestock feed, oatmeal, and oat milk.