Explanation:
(a) Experimental unit
A person or an object, or some well-defined body or item on which some treatment is applied
(b) Treatment
Combination of a values of factors. These are explanatory variables.
(c) Response variable
The qualitative variable or quantitative variable in which the researcher wants to determine how the value is affected by any explanatory variable.
(d) Factor
It is the variable whose influence on a response variable can be assessed by the researcher.
(e) Placebo
An innocuous treatment, like a sugar tablet, which looks, smells and tastes like an experimental medication.
(f) Confounding
The effect of the two factors cannot be distinguished.
Answer: An economic system is a means by which societies or government organize and distribute available resources, goods and services across a geographical location. There are varieties of economic system in use throughout the world today. Example of some of them are capitalism, socialism, communism, etc.
An economic system is an economic order, a system of production, resource allocation and distribution of goods and services within a defined territory. It involves the corporation of the various institutions, agencies, entities , decision making processes. All economic structure are based on three different questions, which are what to produce? How to produce ? and for whom to produce? . Economic system involves how these agencies and institutions are linked together and how informations flows between them.
