1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
irinina [24]
4 years ago
7

What is the best definition of an economic system? economy based on traditional production methods process by which people choos

e how to use limited resources in order to meet their needs government makes the best decisions
Business
2 answers:
melomori [17]4 years ago
5 0

The answer is<u> "process by which people choose how to use limited resources in order to meet their needs".</u>


An economic system refers to an organized way by which a nation allocates assets and appropriates products and ventures over the entire country or a given geographic zone. It is incorporates the mix of a few organizations, elements, offices, basic leadership procedures and examples of utilization that make up the financial structure of a particular network. Hence it is a kind of social framework.  

An economic system characterizes how every one of the elements in an economy cooperate. Characterizing them today is considerably more complicated than it used to be.

kirill [66]4 years ago
3 0
A process by which people choose how to use limited resources in order to meet their needs is the best definition of an economic system. The correct option among all the options that are given in the question is the second option. I hope that this is the answer you were looking for and it has helped you.
You might be interested in
Ownership of retail outlets may be necessary if: a. products are expended in consumption. b. products are inexpensive. c. the pr
balu736 [363]

Answer:

E. The required standards of after-sales service for complex products are to be maintained.

Explanation:

The standard of after sale service is necessary in a case like this because after sales service is said to be all you need to know regarding or concerning the product you bought or the services that has been rendered to you.

In as much as a market can be any arrangement where buying and selling is been done and the online platform or medium is pulling through in a lot of sales in recent times, retail outlets show not to be always necessary but sometimes can be necessary in a critical case such as the above scenario. Here, the required standards of after sales services for some products which are complex is to be maintained, retail outlets are said to be possibly necessary.

7 0
4 years ago
A small change in the rate of productivity growth will have a large impact on output in the short run but a small impact in the
Anna35 [415]
<span>False A change in productivity growth is similar to compounded interest. A small change has a small effect in the short run because it is a small change. However as time goes on the effect accumulates and the difference "compounds" upon itself.</span>
4 0
3 years ago
In perfect competition, an individual firm Question 4 options: can not affect its price nor determine the quantity it sells in t
RideAnS [48]

Answer:

sets the price and determines the quantity it sells in the marketplace.

Explanation:

In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.

This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.

Generally, a perfectly competitive market is characterized by the following features;

1. Perfect information.

2. No barriers, it is typically free.

3. Equilibrium price and quantity.

4. Many buyers and sellers.

5. Homogeneous products.

Examples of a perfectly competitive market are the Agricultural sector, e-commerce and the foreign exchange market.

In perfect competition, an individual firm sets the price and determines the quantity it sells in the marketplace.

6 0
3 years ago
Jason works for a restaurant that serves only organic, local produce. What
jonny [76]
The trend this business is following is necessities, since those are things we need.
7 0
4 years ago
Read 2 more answers
What is the purpose of the fibers in grease? A. It's the actual lubricating element in the grease. B. It prevents the lubricant
Fudgin [204]
What is the purpose of the fibers in grease?

The wrong answer is A. It's the actual lubricating element in the grease. Next B. It prevents the lubricant from evaporating. Then C. It traps the lubricant and holds it in suspension. 

Finally And the correct Answer is D. It thinks the grease.

It will help you :)
8 0
3 years ago
Read 2 more answers
Other questions:
  • Which three documents are necessary during home buyer prequalification?
    5·2 answers
  • A progressive tax system is one in which higher-income people pay ____ than lower-income people.
    11·1 answer
  • Management accountants are MOST likely to feel outside pressure to influence the numbers favorably when the information is used
    12·1 answer
  • The ____________ process includes all of the activities involved in buying or acquiring materials, externally, such as raw mater
    5·1 answer
  • Wims, Inc., has sales of $15.2 million, total assets of $9.8 million, and total debt of $3.7 million. The profit margin is 6 per
    9·1 answer
  • Ceteris paribus, based on the aggregate demand curve, if the price level _______ the quantity of real output _______ increases.
    15·1 answer
  • If the toothpaste market is monopolistically competitive, product differentiation would not take the form of: production of many
    10·1 answer
  • Your large business just issued bonds for $10 million. You are excited about utilizing the new funds to expand. As you create yo
    7·1 answer
  • A mortgage of $80,000 with 2 points means the borrower would have to pay at closing $800. Group startsTrue or FalseTrue, unselec
    12·1 answer
  • _______________________ that require the depositor to commit to leaving their funds in the bank for a certain period of time, in
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!