Question

Which of the following is the best definition of an economic system? Choose 1 answer: Choose 1 answer: (Choice A) A A set of policies used by government to regulate what is produced (Choice B) B A model for understanding how economies work (Choice C) C A mechanism that decides what to make, how to make it, and who gets it (Choice D) D A model that illustrates the flows of goods and services (Choice E) E A government program for promoting economic growth and employment

Answer 1

A mechanism that decided what to make, how to make it, and who get it.