GK
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Why are economic systems essential to the development and function of a society?
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They produce and distribute goods and services
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They provide for equal distribution of wealth among the people
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They provide equal opportunity for individual prosperity
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They ensure that all members of society have adequate resources
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Explanation:
Detailed explanation-1: -In a centrally planned economy, major economic decisions are made by a central authority such as the government. Centrally planned economies are different from market economies where large numbers of individual consumers and profit-seeking private firms operate most or all of the economy.
Detailed explanation-2: -Every society has an economy or economic system that helps it provide necessities for the people. The economy or economic system is an organized way of providing for the wants and needs of their people.
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