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:

Resource Allocation

The process of allocating resources, including capital, labor, and materials, among competing uses or projects in an efficient manner.

Production Possibilities Curve

The Production Possibilities Curve (PPC) is a model that shows the various combinations of two goods or services that an economy can produce, given its resources and technology, illustrating the concept of opportunity cost.

Unemployment Rate

The percentage of the labor force unemployed at any time.

Technological Advance

The development and application of innovative processes, equipment, or software that enhances productivity, efficiency, or quality.