ECONOMICS
INCENTIVES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economic System
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Economic Resources
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Capitalism
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None of the above
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Detailed explanation-1: -The way in which a society answers the three fundamental economic questions is called an economic system. More formally, an economics system is a process or mechanism for answering the three fundamental questions.
Detailed explanation-2: -Individual producers and consumers provide the answers to the 3 basic economic questions. In a market economy who answers the 3 basic economic questions? Individual producers and consumers. Relies on profit motive, economic competition and supply/demand forces.
Detailed explanation-3: -Capitalist System. This is the predominant economic system in the world today. Communist System. In this kind of economic system, the state takes upon itself the allocation and production functions as well as distribution of the goods and services. Socialist and Mixed Economic Systems.