Question

Match each term with the correct definition. a, An institution that brings buyers and sellers together: |(Click to select) b. The right of private persons and firms to obtain, control, employ, dispose of, and bequeath land, capital, and other property: (Click to select c. The presence in a market of independent buyers and sellers who compete with one another and who are free to enter and exit the market as they each see fit (Click to select) d. The freedom of firms to obtain economic resources, decide what products to produce with those resources, and sell those products in markets of their choice: [Click to select) e. What each individual or firm believes is best for itself and seeks to obtain: Click to select)Y f. Economic transactions willingly undertaken by both the buyer and the seller because each feels that the transaction will make him or her better off:(Click to select) g. The freedom of resource owners to dispose of their resources as they think best; of workers to enter any line of work for which they are qualified; and of consumers to spend their incomes in whatever way they feel is most appropriate: Click to select)

Answer 1

An institution that brings buyers and sellers together or market (b) The right of private persons and firms to obtain control, employ, dispose of and and to enter the market other property - private property (c) The presence in a market of independent buyers and sellers who complete one another and who are free to enter and exit the market as they see fit - self interest d) The freedom of firms to obtain economic resource decide what products to produce with these resources and sell those in market of their choice Freedom of choice (e) What each individual or firm believes best for itself and seeks to obtain - self interest (f) Economic transaction willingly undertaken by both the buyer and seller because each feels that the transaction will make him or her better off - mutually agreeable (g) The freedom of resource owner to dispose of their resources as they think