A Market System Is Characterized by the Private Ownership of Resources

question 84

True/False

A market system is characterized by the private ownership of resources and the use of markets and prices to coordinate and direct economic activity.

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Definitions:

Stakeholder Orientation

A business approach that values and considers the interests and well-being of all individuals and entities affected by the company's actions.

Corporate Governance

The framework of rules, practices, and processes by which a company is directed and controlled, focusing on balancing the interests of its stakeholders.

Accountability

The obligation of an individual or organization to account for its activities, accept responsibility for them, and disclose the results in a transparent manner.

Ethical Misconduct

Behavior by an individual or organization that violates accepted moral standards or principles.