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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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