A basic set of rules for allocating resources to satisfy its citizens' needs is called a

Economics Dec 08, 2020

A basic set of rules for allocating resources to satisfy its citizens' needs is called

a. a monetary system.

b. a free-market system.

c. an economic system.

d. a planned system.

Expert Solution

Option c. an economic system is correct

This option is correct because an economic system is concerned with limited resources and unlimited wants such that resources are allocated or distributed in such a manner that the resources can be used effectively and efficiently. It can be used by satisfying wants of people by allocating it.

Archived Solution

Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In

Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution

Get Custom Quote