Private ownership and competitive markets are important for economic growth because they provide individuals with a strong incentive to
A) care for resources and use them beneficially.
B) innovate and introduce new products that are highly valued relative to their cost.
C) produce goods efficiently.
D) all of the above are correct.

Question

Quizplus · Accepted Answer

Private ownership and competitive markets provide individuals with incentives to care for resources and use them beneficially, innovate and introduce new products that are highly valued relative to their cost, and produce goods efficiently. All of these factors contribute to economic growth. Therefore, the correct answer is D, all of the above are correct.

Private Ownership and Competitive Markets Are Important for Economic Growth