The basic economic differences among nations throughout history concerning institutions, philosophy, and ideology mainly focus on:
A) unemployment and inflation.
B) the ownership of factors of production and how they are coordinated in economic activity.
C) the relative shares of agriculture, industry, and service sectors.
D) the opportunity for social mobility.

Question

Quizplus · Accepted Answer

The ownership of factors of production (such as land, labor, and capital) and how they are coordinated in economic activity (through markets, government intervention, or other means) have been the focus of economic differences among nations throughout history. This includes differences in institutions (such as property rights and legal systems), philosophy (such as capitalism vs socialism), and ideology (such as nationalism or internationalism). Unemployment, inflation, economic sectors, and social mobility are important issues within these economic systems, but they are not the main focus of the differences among nations.

The Basic Economic Differences Among Nations Throughout History Concerning Institutions