Which Is a Major Feature of the Market System

question 46

Multiple Choice

Which is a major feature of the market system?

• A) Government-established prices in all markets
• B) Reallocation of all resources from private to public uses
• C) The right to own private property and control resource uses
• D) Central planning by government to provide goods and services

Understand the compromises and plans that contributed to the formation of the U.S. Constitution.

Identify the major weaknesses of the Articles of Confederation.

Recognize the role and impact of pivotal events and movements (e.g., Shays' Rebellion) on the formation of the U.S. government structure.

Understand the distribution of powers and authority within the U.S. government as established by the Constitution.

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Definitions:

Freight In

The cost associated with transporting goods into a business, typically included in the cost of goods sold calculation.

Gross Profit

The financial gain obtained after subtracting the cost of goods sold from the revenue generated from sales.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, preparing the accounts for the next period.

Merchandising Business

A type of business that purchases goods and sells them to consumers without changing their form.