In a __________ System,both Politics and Markets Function to Transform

question 37

Multiple Choice

In a __________ system,both politics and markets function to transform popular demands into goods and service,to allocate costs,and to distribute goods and services.

• A)collective
• B)democratic
• C)free-market
• D)fiscal

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Definitions:

Job Specialization

The process of focusing one's occupational concentration on a specific area of expertise, leading to increased efficiency and skill.

Global Focus

An approach in business strategy that emphasizes understanding and catering to the needs of a global market, rather than focusing only on local or national markets.

Just-in-Time

A production strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs.

Service Sector

The segment of the economy that produces intangible goods, such as services rather than physical products, including industries like healthcare, education, and finance.