A society's economic system is largely determined by its concept of________________?
Correct answer: B. property
- A. truth
- B. property
- C. happiness
- D. justice
Explanation
The concept of property determines who may own, control and use resources, so it strongly shapes an economic system. Capitalist and socialist systems differ chiefly in their arrangements for property ownership and control.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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