ECONOMICS
ECONOMIC SYSTEMS
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Allocate Resources
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Organize Production
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Distribute Goods and Service
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Regulate Consumer Decisions
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Detailed explanation-1: -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?
Detailed explanation-2: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
Detailed explanation-3: -Answer: Physical quality of life index is not considered as a major economic system.
Detailed explanation-4: -The four essential economic activities are resource management, the production of goods and services, the distribution of goods and services, and the consumption of goods and services.