An economic system is the set of structures and processes that ________ in a country.

Question

Quizplus · Accepted Answer

An economic system refers to the overall structures and processes that guide the allocation of resources and shape the conduct of business activities in a country. It includes the rules and regulations governing economic behavior and the institutions that facilitate economic transactions. Option B is too specific and does not cover the full scope of an economic system. Option C is not entirely accurate as competitive success is shaped by a variety of factors beyond standards set by the economic system. Option D is also incorrect as economic systems do not stipulate the roles and responsibilities of consumers, but rather set the overall framework within which economic behavior takes place.

An Economic System Is the Set of Structures and Processes