Economic Systems Can Be Classified Based on

question 17

Multiple Choice

Economic systems can be classified based on

• A)the ownership of resources only
• B)the ownership of resources, the types of crops grown, and the incentives used to motivate people
• C)the way resources are allocated to produce goods and services and the incentives used to motivate people only
• D)the ownership of resources, the way resources are allocated to produce goods and services, and the incentives used to motivate people
• E)the ownership of resources, the way resources are allocated to produce goods and services, and the average education of workers

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Definitions:

Work Performed

Refers to the tasks or duties completed during a period of work or a project.

Specific Amount

A precise quantity defined or required in a given context, not subject to variation.

Time

A continuous, irreversible sequence in which events occur from the past through the present to the future.

Compression Ratio

The ratio of the volume of its combustion chamber from its largest capacity to its smallest capacity, used in internal combustion engines.