Sia
Question
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Posted 7 months ago
Which of the following is the best definition of an economic system?
Choose 1 answer:
(A) A set of policies used by government to regulate what is produced
(B) A model for understanding how economies work
(C) A mechanism that decides what to make, how to make it, and who gets it
(D) A model that illustrates the flows of goods and services
(E) A government program for promoting economic growth and employment
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Answer from Sia
Posted 7 months ago
Solution by Steps
step 1
Identify the concept of an economic system: An economic system is a structure for producing and distributing goods and services
step 2
Evaluate the answer choices: We need to find the choice that best matches the definition of an economic system
step 3
Match the definition to the choices: Choice (C) "A mechanism that decides what to make, how to make it, and who gets it" aligns with the concept of an economic system as it encompasses the decision-making process regarding production and distribution
Answer
C
Key Concept
Economic System
Explanation
An economic system is a mechanism that determines the allocation of resources and the distribution of goods and services in a
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