Asked by Brandon Cannon on Jun 23, 2024
Verified
The market system's answer to the fundamental question "How will the system promote progress?" is essentially
A) "Through government-funded research programs."
B) "Through redistribution of income to promote greater equality."
C) "Through training and retraining programs."
D) "Through the profit potential that encourages development of new technology."
Profit Potential
The capacity for a business or investment to generate earnings greater than its costs.
New Technology
Innovative or improved tools, systems, or procedures that enhance efficiency, productivity, or quality in various fields.
- Comprehend the factors that promote or inhibit innovation within a competitive market environment.
Verified Answer
MP
Malissa PriceJun 26, 2024
Final Answer :
D
Explanation :
The market system promotes progress primarily through the profit motive. The potential for profit incentivizes individuals and companies to develop new technologies, products, and services, driving innovation and economic growth.
Learning Objectives
- Comprehend the factors that promote or inhibit innovation within a competitive market environment.