The Three Major Types of Economic Systems Are _____

question 160

Multiple Choice

The three major types of economic systems are _____.

• A)collectivism,developed economies,and oligopoly
• B)individualism,developing economies,and duopoly
• C)ethnocentrism,cultural relativism,and polycentrism
• D)capitalism,planned economies,and mixed economies

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Definitions:

Indirect Method

A method used in the preparation of cash flow statements, where net income is adjusted for non-cash transactions, deferrals, and accruals to calculate net cash from operating activities.

Operating Activities

Activities directly related to the production and delivery of goods and services, which are central to a company's operations and cash flow.

Residual Value

The estimated amount that an asset is expected to be worth at the end of its useful life.

Straight-Line Method

A method of calculating depreciation by evenly spreading the cost of an asset over its useful life.