Question on: WAEC Economics - 2015
The following constitute the criteria for identifying an economic system except?
A
ownership of resources
B
scarcity of resources
C
method of decision making
D
motivation for production
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Correct Option: B
Economic systems are the means by which countries and governments distribute resources and trade goods and services. They are used to control the five factors of production, including: labor, capital, entrepreneurs, physical resources and information resources. An economic system is a system of production, resource allocation, exchange and distribution of goods and services in a society or a given geographic area.
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