When you set aside money for your child's education, even before they are born, it is called Long-term goal.
Long-term goals refer to goals that you wan tot achieve in future, meaning that the culmination or achievement of them is not an immediate requirement. These goals are usually set keeping in mind a stability and security for the future.
The minimum requirement for a long-term goal should be more than one year, the upper limit can be set by the consumer. Although, one invests in them for security, yet there is more uncertainty to these goals because of the varying market trends.
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What role does private ownership play in a market economy?
Answer:
B. It motivates people and businesses to buy property
Explanation:
A market economy a form of economic system that a situation in which economic decisions that deals with the pricing of goods and services are guided by price factors created by the forces of supply and demand.
In other words, market economy is a type of economic system where the forces of supply and demand dictate the economy, instead of government intervention.
Hence, in a market economy, the role of private ownership is that, it motivates people and business to buy properties.
Due to limitation of government intervnetion in the economy, while the goods and services produced in the economy are owned privately, this in turn makes private ownership, together with the freedom to negotiate legally binding contracts, mktivates and permits people and businesses to get and use resources as they choose.
Also, due to the freedom of buying and selling of what individual may needs or wants, this system of economy motivates, various segement of the economy such as Consumers to freely buy the goods and services that best fill their interests, or Workers are to freely seek any jobs for which they are qualified and willing to work for.
The economic term for this is "opportunity cost".
Opportunity cost is the cost of the options that one is not choosing. This means that if one has to choose between A and B, opportunity cost is the cost of "giving up B" when one chooses A.
