________ Probabilities Are Average Constant Probabilities That the System Will

question 40

Short Answer

________ probabilities are average constant probabilities that the system will be in a state in the future.

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Definitions:

Central Planning

A system where economic decisions, such as the allocation of resources, are made by the government or a centralized authority.

Market System

An economic system in which market forces of supply and demand guide the production of goods and services and their distribution.

Property Rights

The theoretical and legal ownership rights assigned to the use, control, and transfer of property, which can be applied to both physical and intellectual properties.

Central Planning

An economic system where decisions regarding production and investment are embodied in a comprehensive plan formulated by a central authority, typically the government.