An Economic System Is

question 161

Multiple Choice

An economic system is

• A) the universe of all resources.
• B) a way to create new resources.
• C) a mechanism to allocate scarce resources.
• D) an organization that generates profits.

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Definitions:

Agency By Estoppel

When a party's actions lead another to reasonably believe that a third party is their agent, resulting in legal recognition of the agency relationship despite no formal agreement.

Principal Conduct

The actions or behavior of the principal actor or party, especially in the context of business or law, focusing on the primary actions taken.

Togetherness

The feeling or state of being close to others, fostering a sense of unity and mutual support.

Teamwork

Joint action by a team of people in which individual interests are subordinated to team unity.