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Homework answers / question archive / A basic set of rules for allocating resources to satisfy its citizens' needs is called a
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.
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.
