ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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whether it is led by a president or a prime minister
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the way in which it produces and distributes goods and services
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the availability of productive resources to make goods and services
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whether or not citizens are allowed to participate in the government process
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Detailed explanation-1: -An economic system is defined by a way wherein the country’s resources are utilized to produce goods and services in such a manner that these goods and services are distributed for consumption.
Detailed explanation-2: -An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. Economic systems regulate the factors of production, including land, capital, labor, and physical resources.
Detailed explanation-3: -A command economy is an economic system in which the government, or the central planner, determines what goods and services should be produced, the supply that should be produced, and the price of goods and services.
Detailed explanation-4: -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.
Detailed explanation-5: -economies. The general sense of economy is careful management of resources such as money and materials, so as not to waste them, but the more familiar reference is to a system of producing, distributing, and consuming goods and services.