Which of the following best describes an economic system?

a system that oversees the production of agricultural goods to be distributed to manufacturers

a system that oversees the sale of household products to be bought by families around the country an interconnected

system that distributes goods and services to the homeless and mentally unstable an interconnected

system revolving around the production, distribution, and consumption of goods and services

Question

Lance Lynn

Business

21 February, 06:31

Which of the following best describes an economic system?

a system that oversees the production of agricultural goods to be distributed to manufacturers

a system that oversees the sale of household products to be bought by families around the country an interconnected

system that distributes goods and services to the homeless and mentally unstable an interconnected

system revolving around the production, distribution, and consumption of goods and services

+2

Answers (1)

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Murray · Answer 1

System revolving around the production, distribution, and consumption of goods and services.

An economic system encompasses all of the production, distribution, and consumption within a society of goods and services. This definition is the most inclusive and holistic, whereas the other definitions describe part of an economic system, or another aspect of our socio-political and economic structures.