_____ If Unfettered, May Result in Excessive Production and Excessive

question 48

Multiple Choice

_____ if unfettered, may result in excessive production and excessive consumption, thereby causing social problems of great magnitude.

• A)Socialism
• B)Communism
• C)Protected economies
• D)Monopolies
• E)Capitalism

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Definitions:

Fiduciary Duty

A legal obligation of one party to act solely in the interest of another party. For example, corporate directors have a fiduciary duty to act in the best interests of their shareholders.

Malpractice

The failure of a professional to provide services with the skill and care that is ordinarily provided by competent professionals, leading to harm or loss.

Third Party

In contract law, a person who may, in some way, be affected by a contract but who is not one of the contracting parties. Also called outside party.

Due Diligence

Due diligence is the investigation or exercise of care that a reasonable business or person is normally expected to take before entering into an agreement or transaction with another party.