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Question
The collection of institutions, laws, activities, controlling values, and human motivations that collectively provide a framework for economic decision-making is known as _________.
The collection of institutions, laws, activities, controlling values, and human motivations that collectively provide a framework for economic decision-making is known as _________.
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Solution
The correct option is A economic system
The collection of institutions, laws, activities, controlling values, and human motivations that collectively provide a framework for economic decision-making is known as an economic system. It is a system of production, resource allocation and distribution of goods and services in a country. It consists of several institutions, companies, government agencies.
The collection of institutions, laws, activities, controlling values, and human motivations that collectively provide a framework for economic decision-making is known as an economic system. It is a system of production, resource allocation and distribution of goods and services in a country. It consists of several institutions, companies, government agencies.
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