Economic systems differ from one another based on who owns the factors of production and
A) how many resources are available in the economy and where they are located.
B) how economic activities are coordinated and directed.
C) what kinds of products are produced in the economy and how they are sold.
D) how big the population is and the makeup of the population.

Question

Quizplus · Accepted Answer

Economic systems differ based on how economic activities are coordinated and directed. The ownership of the factors of production is a key aspect of economic systems, but it is not the sole determining factor. Other important factors include how goods and services are produced and distributed, the role of government in the economy, and how resources are allocated. Therefore, option B is the best choice as it is the most comprehensive explanation.

Economic Systems Differ from One Another Based on Who Owns