Question

What do you mean by an economic system?

• A. A system that deals with the production of goods produced for self-consumption
• B. A system that aims at promoting consumer awareness
• C. A system that talks about the organisation and distribution of available resources in a country
• D. A system or a framework that focuses on restructuring economic sectors

Answer 1

The correct option is C A system that talks about the organisation and distribution of available resources in a country

Resources available to any country are limited. An economic system helps the countries manage and distribute such resources. It refers to a system through which societies or governments organise and distribute available resources in a country. They decide how to best allocate these scarce resources.