Economic Systems Differ According to What Two Main Characteristics

question 71

Multiple Choice

Economic systems differ according to what two main characteristics?

• A) Ownership of resources and methods of coordinating economic activity
• B) Quantity of output produced and who receives the output
• C) Who produces the output and what technology is used to produce it
• D) The system of government and the quantity of natural resources available

---

Definitions:

Simultaneous-Move Game

A strategic interaction where all players make their decisions or moves at the same time without knowledge of the other players' choices.

Low Price

The situation or strategy where the cost of a good or service is set below the average market price to attract consumers or gain market share.

Prisoners Dilemma

A paradox in decision analysis in which two individuals acting in their own self-interest pursue a course of action that does not result in the ideal outcome for either party.

Rational Choices

Decision-making based on logical evaluation of outcomes and choosing the option that maximizes benefit or utility.