An economic system is a structure for:
A) measuring gross domestic products.
B) allocating limited resources.
C) forecasting trends.
D) delivering unsurpassed value to customers.

Question

Quizplus · Accepted Answer

An economic system is a structure that determines how a society allocates its resources to meet the needs and wants of its population. It includes institutions, organizations, rules, and policies that shape economic activities, such as production, distribution, and consumption. Therefore, the primary function of an economic system is to allocate limited resources efficiently and effectively to maximize the well-being of the society.

An Economic System Is a Structure For