Question

The purpose of economic systems is _____.

Answer 1

Answer:

1.to answer the three key questions of economics

2.to help countries respond to the issue of scarcity

AND 3.to help make decisions concerning what, how, and for whom things are produced

Explanation:

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Answer 2

Economic system helps in the distribution of resources and trade goods and services.  

Explanation:

Economic system is an organized way of malleable by which a country indulges in production, allocation of resources and distribution of goods and services over a given geographical area.

It handles the five factors of production also called as the four M’s of production namely money, machines, men, management and materials. Economic system depicts the conclusion for the major three questions when it comes to decision making in every units. The questions are based on,

• The goods and the quantity of the goods .
• Material and labor required to produce the goods and production strategy .
• The end user and the way of distribution .