Economic systems can be classified based on
A)the ownership of resources only
B)the ownership of resources, the types of crops grown, and the incentives used to motivate people
C)the way resources are allocated to produce goods and services and the incentives used to motivate
People only
D)the ownership of resources, the way resources are allocated to produce goods and services, and the
Incentives used to motivate people
E)the ownership of resources, the way resources are allocated to produce goods and services, and the
Average education of workers

Question

Quizplus · Accepted Answer

Economic systems can be classified based on the ownership of resources, the way resources are allocated to produce goods and services, and the incentives used to motivate people. These are the three main factors that differentiate economic systems from each other. The types of crops grown and the average education of workers are not necessarily defining features of an economic system.

Economic Systems Can Be Classified Based on