The Economic System That Includes Private Ownership of Most Resources

question 63

Multiple Choice

The economic system that includes private ownership of most resources and the coordination of economic activity by price signals generated by market forces is

• A)capitalism
• B)socialism
• C)communism
• D)mercantilism
• E)progressivism

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Definitions:

Medicare

A federal program in the United States that provides health insurance to people who are 65 or older, and to younger people with certain disabilities.

Medicaid

A joint federal and state program that helps with medical costs for some people with limited income and resources.

Health Insurance

Insurance covering the costs of medical and surgical procedures, medications, and sometimes dental expenses for the insured, functioning similarly to healthcare insurance.

Employer

An individual or organization that hires workers to perform services in exchange for compensation.