GK
WORLD HISTORY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An ____ is how people use their resources to meet their needs. It is how people make, distribute and use goods and services.
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economic system
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government
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religion
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agricultural practice
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Explanation:
Detailed explanation-1: -Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-2: -According to the usual practice the distribution of economic resources is illustrated by dividing the households according to increase of income. The inequality is then the difference between the share of the total income masses for a certain group and the share this group justifies if there was equality.
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