Asked by courtney mitchell on May 12, 2024
Verified
Which of the following is a component of a pure market system?
A) limited choice
B) the flow of economic goods and money between households and businesses
C) limited competition
D) an obligation to provide jobs and safe workplaces
Economic Goods
Items or services that can satisfy human wants and are scarce in relation to their demand, requiring people to make choices about their use.
Pure Market System
is an economic model where prices for goods and services are determined by open market and consumers, without government intervention.
Limited Choice
The situation in which individuals or groups have restricted options and alternatives to choose from in making decisions or in selecting products/services.
- Recognize and distinguish among different economic systems and their features.
Verified Answer
Learning Objectives
- Recognize and distinguish among different economic systems and their features.
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