One of the Disadvantages of a Market-Directed Economic System Is

question 81

True/False

One of the disadvantages of a market-directed economic system is that it does not operate automatically and requires careful government oversight.

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Definitions:

GAAP

Commonly adhered to accounting norms and standards for financial reporting, known as Generally Accepted Accounting Principles.

Research and Development

Activities undertaken by companies to innovate and introduce new products or services; this includes basic research, applied research, and development of new technologies.

GAAP

GAAP stands for Generally Accepted Accounting Principles, which are a collection of commonly-followed accounting rules and standards for financial reporting.

Patent

A form of intellectual property protection that grants the patent holder exclusive rights to a process, design, or new invention for a specified period of time.