The Private Ownership of Property and the Use of the Market

question 57

Multiple Choice

The private ownership of property and the use of the market system to direct and coordinate economic activity is most characteristic of:

• A)​a command economy.
• B)​a mixed economy.
• C)​a market economy.
• D)​a traditional economy.

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Definitions:

Economy Grows

The increase in the production of goods and services over a period, indicating economic health.

Outward Shift

A term often used in economics to describe a situation where a curve, such as the supply or demand curve, moves away from the origin, indicating an increase in supply or demand.

Production Possibility Frontier

A curve depicting the maximum achievable combination of two goods that can be produced with available resources and technology.

Technological Improvements

Advancements or enhancements in technology that lead to more efficient processes, better products, or improved ways of doing things.