Economic Systems Quiz

An economic system is a system of production, resource allocation, and distribution of goods and services within a society.

The mode of production is a related concept to the economic system.

The four fundamental economic problems are: What kinds and quantities of goods shall be produced, how to produce the goods, for whom to produce, and how to ensure efficiency in production.

<p>The theory of pricing, in the context of economic systems, is anchored on the economic decision-making between the production of capital goods and consumer goods in the face of scarce resources.</p> Signup and view all the answers

<p>The critical evaluation of the needs of the society based on population distribution is important for assessing the needs of the society in terms of age, sex, occupation, and geography, which is pertinent for economic decision-making.</p> Signup and view all the answers