"The institutional means by which scarce resources are used to satisfy human wants" is the definition of
A)a system of property rights.
B)an economic system.
C)a social system.
D)an educational system.

Question

Quizplus · Accepted Answer

The definition provided in the question refers specifically to an economic system, which is how a society organizes the distribution and use of resources to meet people's needs and wants. A system of property rights is one element of an economic system, but not the definition of the system as a whole. A social system is a broader term that encompasses all aspects of society, including economic, political, and cultural dimensions. An educational system is even more specific, referring only to the means by which knowledge and skills are transmitted to individuals.

"The Institutional Means by Which Scarce Resources Are Used to Satisfy