Which statement best describes an economic system?
A. The method of production, resource use, and distribution of good in a region
B. The network of relationships that exist between individuals and groups in a region
C. The way a region makes official government policies and decisions
D. The process that people use in choosing goods and services
1. A. The method of production, resource use, and distribution of goods in a region.
2. B. Customs and beliefs of a group
3. A. Both have public ownership of businesses
4. D. Production-based consumer spending
5. D. Mixed
6. D. They can meet their needs over time.
7. C. Communist Economies
8. B. The amount of government ownership
9. C. Government planning
10. False
THE ONE is 100% Correct :)
no way you posted the answers just before i submitted mine
i had 6 wrong answers ðŸ˜
THANK YOU!! @THE ONE
The correct answer is A. "The method of production, resource use, and distribution of goods in a region" best describes an economic system.
To arrive at this answer, let's break down the options and see which one aligns with the definition of an economic system:
Option A suggests that an economic system involves the method of production, resource use, and distribution of goods within a region. This aligns with the basic concept of an economic system, which is essentially how a society organizes and operates its economy.
Option B describes a network of relationships, which is too broad and does not directly pertain to the core aspects of an economic system.
Option C pertains to government policies and decision-making, which is related to governance but doesn't fully capture the essence of an economic system.
Option D refers to the process people use to choose goods and services, which is more related to individual consumer behavior rather than the entire economic system as a whole.
Therefore, the most accurate answer is A, as it correctly explains the key components of an economic system.
to purchase
Answer: D. The process that people use in choosing goods and services to purchase