Question

Economic systems differ according to which two main characteristics?A. the political system in place and the degree of scarcity facing the economy B. the technology used in production and the quantity and quality of natural resources C. how goods are produced and who gets them D. who owns the factors of production and the methods used to coordinate economic activity

Answer 1

Answer:

D. who owns the factors of production and the methods used to coordinate economic activity

Explanation:

Economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographical area or a country. They are techniques by which a nation's government distribute resources and trade goods/services. The main ways in which economic systems differs from kme another is WHO OWNS THE FACTOR OF PRODUCTION and HOW THE ALLOCATION OF RESOURCES IS DIRECTED AND METHOD USED TO DIRECT THE ECONOMIC ACTIVITY. This distinction is a measure to the degree government plays in the economy.

Example of economic systems are - Capitalism, Socailism and Communism.