BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a type of system in economy
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a system in economics which is given out due to distribution of economy and society
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a system which is within a society or a given geographic area
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a system of production, resource allocation and distribution of goods and services within a society or a given geographic area
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Detailed explanation-1: -Economic systems are the methods societies and governments use to organize, allocate and distribute goods, services and resources across locations. It serves as a regulatory system for controlling different aspects of production and distribution, including capital, labour, land and other physical resources.
Detailed explanation-2: -An economic system is a mechanism with the help of which the government plans and allocates accessible services, resources, and commodities across the country. Economic systems manage elements of production, combining wealth, labour, physical resources, and business people.
Detailed explanation-3: -An economic system is a system of production, resource allocation, exchange and distribution of goods and services in a society or a given geographic area.
Detailed explanation-4: -An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed? There are two extremes of how these questions get answered.
Detailed explanation-5: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.