Economic Systems Can Be Classified Based on

question 17

Multiple Choice

Economic systems can be classified based on

• A)the ownership of resources only
• B)the ownership of resources, the types of crops grown, and the incentives used to motivate people
• C)the way resources are allocated to produce goods and services and the incentives used to motivate people only
• D)the ownership of resources, the way resources are allocated to produce goods and services, and the incentives used to motivate people
• E)the ownership of resources, the way resources are allocated to produce goods and services, and the average education of workers

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Definitions:

Wisdom

The quality of having experience, knowledge, and good judgment; the ability to apply these attributes to make sound decisions.

Resources Flow

The movement and allocation of resources (such as raw materials, finances, and personnel) within an organization to achieve its objectives.

Respect And Values

Principles and behaviors that acknowledge the worth and dignity of individuals and groups, often foundational to healthy relationships and societies.

Diversity

The inclusion and representation of different types of people (such as different races, cultures, genders, etc.) in a group or organization.