Question

Select all that apply.

Answer 1

What do economic systems seek to do?

help countries respond to the issue of scarcity
answer the three key economic questions

Answer 2

The correct answers are

help countries respond to the issue of scarcity

answer the three key economic questions

Economic systems help countries determine how scarcity will be addressed. Scarcity is the idea that there is a limited number of resources in the world, forcing citizens and businesses to make decisions regarding what they can buy and produce. Some economic systems allow for choices to be made by citizens and businesses alike (like capitalism). Other economic systems revolve around the idea of government planning, which essentially allows the government to make decisions for businesses and citizens (such as communism).