ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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firms based in highly industrialized societies with operating facilities throughout the world
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economic system based on private ownership of property and the pursuit of profit
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unified group of military, corporate, and government leaders
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part of an economy producing goods directly from the natural environment
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arises from a leader’s personal characteristics
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Detailed explanation-1: -A mixed economy is defined by the co-existence of a public and private sector.
Detailed explanation-2: -Plumbers, technicians, contractors, developers and designers – Examples of private sector.
Detailed explanation-3: -The private sector is the part of a country’s economic system that is run by individuals and companies, rather than a government entity. Most private sector organizations are run with the intention of making profit. The part of the economy under control of the government is known as the public sector.
Detailed explanation-4: -role of the private sector. Main features of the private sector. Profit motive. Private ownership and control. No state participation. Independent management. Private finance. Work culture of employees. More items