Economic systems differ according to which two main characteristics?
A) Who owns the factors of production and the methods used to coordinate economic activity.
B) The technology used in production and the quantity and quality of natural resources.
C) How goods are produced and who gets them.
D) The political system in place and the degree of scarcity facing the economy.

Question

Quizplus · Accepted Answer

Economic systems differ based on who owns the factors of production (capital, land, and labor) and how economic activity is coordinated. These factors impact the distribution of resources and ultimately determine the type of economic system in place. The other choices do not accurately describe the main characteristics that differentiate economic systems.

Economic Systems Differ According to Which Two Main Characteristics