Definition of Economic System - SS1 Economics Past Questions and Answers - page 1
1
What is an economic system?
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A
A set of rules and practices that determine how goods and services are produced, distributed, and consumed in a society.
B
A set of rules that determine the type of goods and services that are produced in a society.
C
A set of institutions that control the prices of goods and services in a society.
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2
Which economic system is characterized by private ownership of the means of production and free market competition?
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A
Capitalism
B
Socialism
C
Communism
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3
What is the main purpose of an economic system?
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