Which statement best reflects the main purpose of an economic system?

Question

Quizplus · Accepted Answer

The purpose of an economic system is to provide a framework or set of rules and institutions for answering the three basic economic questions: what to produce, how to produce it, and for whom to produce. It is a social institution that organizes and coordinates the production, distribution, and consumption of goods and services in a society. It is not necessarily focused on preventing unfair advantages, embracing pure capitalism, or relying on private property alone.

Which Statement Best Reflects the Main Purpose of an Economic