Economic systems differ from one another based on who own the factors of production and:
A) How much resources are available in the economy and where they are located
B) Who make decisions regarding what to produce and how it is produced
C) What kinds of products are produced in the economy and how plentiful they are
D) How big the population is, and the makeup of the population

Question

Quizplus · Accepted Answer

Economic systems differ primarily based on who makes decisions about production and how it is carried out. This determines the degree of government intervention, the amount of competition in the market, and the organization of labor and resources. Ownership of factors of production is one aspect of this larger framework.

Economic Systems Differ from One Another Based on Who Own