ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A country’s economic system attempts to deal with the problem of not having enough resources to meet people’s needs and wants.
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Scarcity
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Labor
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Greed
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Capital
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Explanation:
Detailed explanation-1: -Yes, there is an economic system that helps in preventing a country from facing scarce resources. This economic system is the free market economy. A free-market economy is an economy that is completely controlled by forces of supply and demand.
Detailed explanation-2: -This is one of the reasons why the market system is considered the more effective in using scarce resources to meet society’s needs (efficient) of the three economic systems.
Detailed explanation-3: -Underemployment occurs when scarce resources are not put to their best use in the production of goods and services.
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