ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Answer and Explanation: A society’s framework of policies and procedures for producing and distributing goods and services is known as its economic system.

Detailed explanation-2: -An economic system is the method used by a society to produce and distribute goods and services. Traditional economies rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.

Detailed explanation-3: -Answer: An economic system is the structure of methods and principles a society uses to produce and distribute goods and services.

Detailed explanation-4: -An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.

Detailed explanation-5: -The economy is the system of production, distribution, and consumption of goods and services. There are different types of economies: command, traditional, market, and mixed. Each varies in their ideals and systems of controls.