Economic systems differ according to what two main characteristics?
A) Ownership of resources and methods of coordinating economic activity
B) Quantity of output produced and who receives the output
C) Who produces the output and what technology is used to produce it
D) The system of government and the quantity of natural resources available

Question

Quizplus · Accepted Answer

Economic systems are primarily distinguished by the ownership of resources (i.e. whether they are owned by individuals or the state) and the methods used for coordinating economic activity (i.e. whether they are planned or market-based). B and C may be relevant factors in economic systems, but they are not the main characteristics that distinguish one system from another. D is not necessarily a relevant factor in economic systems, as some countries may have a system of government that is separate from their economic system, and the quantity of natural resources available does not necessarily determine the economic system in place.

Economic Systems Differ According to What Two Main Characteristics