A Small Number of People with Complementary Skills Who Are

question 19

Multiple Choice

A small number of people with complementary skills who are committed to a common purpose, set of performance goals, and approach for which they hold themselves mutually accountable is referred to as a(n) :

• A) team.
• B) organization.
• C) environment.
• D) project.
• E) group.

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Definitions:

Economic Welfare

The overall health and well-being of an economy, often measured by standards of living, availability of goods and services, and income distribution.

Economic Efficiency

A state in which resources are ideally distributed to best meet the needs of every person or entity, reducing waste and inefficiency to a minimum.

Gains From Trade

The benefits that parties obtain from engaging in voluntary exchange of goods or services.

Free Markets

Economic systems where prices for goods and services are determined by the open market and consumers, with minimal government intervention.