The term used to describe the mechanism by which society attempts to resolve the basic economic problem is "economic system."
The term used to describe the mechanism by which society attempts to resolve the basic economic problem is known as the economic system. An economic system is a structure and organization of production, distribution, and consumption of goods and services in a society. It determines how resources are allocated, how individuals and businesses interact, and how economic decisions are made. Different societies adopt different types of economic systems, such as capitalism, socialism, or mixed economies, to address the basic economic problem of scarcity and the efficient allocation of resources.
