Compare and contrast between free-market systems and planned systems
What will be an ideal response?
Answer: In a free-market system, individuals and companies are largely free to decide what products to produce, how to produce them, whom to sell them to, and at what price to sell them. In other words, they have the chance to succeed–or to fail–by their own efforts. Capitalism and private enterprise are the terms most often used to describe the free-market system, one in which private parties (individuals, partnerships, or corporations) own and operate the majority of businesses and where competition, supply, and demand determine which goods and services are produced.
In a planned system, governments largely control the allocation of resources and limit freedom of choice in order to accomplish government goals. Because social equality is a major goal of planned systems, private enterprise and the pursuit of private gain are generally regarded as wasteful and exploitive. The planned system that allows individuals the least degree of economic freedom is communism.
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Titles of people, organizations, governments, and publications often require ___________________
a. their own fonts b. line breaks c. indentations d. special capitalization
Which statement about primary and secondary data is NOT true?
a. Because primary data is gathered at its source, it is more reliable than secondary data. b. Business researchers often consult secondary data sources before primary data sources. ? c. Census data acquired from the Bureau of the Census is an example of secondary data. d. Most business researchers rely on both primary and secondary data.
Which of the following is a disadvantage of the departmental overhead rate method?
A. The departmental overhead rate method is more refined than the plantwide overhead rate method. B. The departmental overhead rate method is simpler and less costly to implement than the plantwide rate method. C. The departmental overhead rate method assigns overhead on the basis of volume-related measures. D. There are no disadvantages of the departmental overhead rate method. E. The departmental overhead rate method does not assign overhead on the basis of volume-related measures.
A bilateral contract comes into existence at the moment promises are exchanged
Indicate whether the statement is true or false