Individual ownership of property is a key element in
A) the private enterprise system.
B) a planned economy.
C) socialism.
D) the factors of production.
E) communism.

Question

Quizplus · Accepted Answer

Individual ownership of property is a fundamental aspect of the private enterprise system, where individuals and businesses possess the right to own and use property and resources, and make decisions about their allocation and use. This contrasts with planned economies, socialism, and communism, where property ownership and resource allocation are managed by the state or community as a whole. The factors of production (land, labor, capital, and entrepreneurship) are relevant to all economic systems, but ownership of these factors varies depending on the system.

Individual Ownership of Property Is a Key Element in