An economic system is the set of rules that define _______ and _______.
A) resources; prices
B) who gets to vote; when elections will be held
C) market prices; factors of production
D) how an economy's resources are to be owned; how decisions about the resources are to be made

Question

Quizplus · Accepted Answer

An economic system refers to the institutions, laws, customs, and regulations that define how an economy's resources are to be owned and how decisions about the resources are to be made. This includes factors such as property rights, the role of markets and government, and the distribution of wealth and income. Therefore, option D is the correct choice. Options A, B, and C are either too narrow or unrelated to the concept of an economic system.

An Economic System Is the Set of Rules That Define