An economic system:

A. requires a grouping of private markets linked to one another.

B. is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.

C. requires some sort of centralized authority (such as government) to coordinate economic activity.

D. is a plan or scheme that allows a firm to make money at some other firm's expense.

Question

Business

Rhianna Valencia

17 June, 01:04

An economic system:

A. requires a grouping of private markets linked to one another.

B. is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.

C. requires some sort of centralized authority (such as government) to coordinate economic activity.

D. is a plan or scheme that allows a firm to make money at some other firm's expense.

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Answers (1)

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Bryce Cummings · Answer 1

B. is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.

Explanation:

Economic system -

It is the system that is responsible for the resource allocation, production and the distribution of the services and goods, is known as an Economic system.

Economic system includes - the institutions of decision-making, agencies.

It works to deal with the problem related to the economy of a country or society.

Hence, the correct option is (b).