To Function Smoothly and Properly,a Market Economy Requires Three Elements

question 4

Essay

To function smoothly and properly,a market economy requires three elements: free choice,________,and price flexibility.

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Definitions:

Accounting

The systematic recording, analyzing, summarizing, and reporting of financial transactions of a business or individual.

Authority to Manage

Refers to the power or right delegated to an individual or group to make decisions and oversee the administration of an organization, property, or legal entity.

Executive Corporate Officer

A high-ranking individual within a corporation, responsible for making major corporate decisions.

Potential Liability

The possibility of being responsible for some future obligation or facing legal penalties.