Question

Economic systems are incredibly complex. What is TRUE statement about economic systems?

Answer 1

Economic systems are said to be complex. The true statements about the economy is that is essentially a financial and social system.

What is an economic system?

An economic system is known to be a method that is employed by society to create and distribute goods and services, based on their goals and values.

There are different kinds of economy system. They are;

• The traditional economy
• The market economy
• The command economy
• The mixed economy

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