ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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is independent of other nations.
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has limited wants and needs.
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has a limited supply of resources.
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has immigrants from several countries.
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Detailed explanation-1: -Economic systems regulate the factors of production, including land, capital, labor, and physical resources.
Detailed explanation-2: -An economic system serves as a regulatory system for controlling different aspects of production and distribution, including capital, labor, land and other physical resources. In an economic system, there are many essential entities, agencies and decision-making authorities.
Detailed explanation-3: -One of the most important characteristics of a market economy, also called a free enterprise economy, is the role of a limited government. Most economic decisions are made by buyers and sellers, not the government. A competitive market economy promotes the efficient use of its resources.
Detailed explanation-4: -The goods and services of any country are limited, which can lead to scarcity. Countries have different resources available to produce goods and services. These resources can be workers, government and private company investment, or raw materials (like trees or coal).