An Economic System Is

question 161

Multiple Choice

An economic system is

• A) the universe of all resources.
• B) a way to create new resources.
• C) a mechanism to allocate scarce resources.
• D) an organization that generates profits.

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Definitions:

Poverty Level

A benchmark set to define the minimum income necessary to afford the essentials of living, thereby identifying those in financial hardship.

Ethnic Minority Groups

Communities composed of individuals whose racial or ethnic backgrounds contrast with that of the broader population in a specific country or area.

Longevity

The length of time that an individual lives or a thing exists, often referred to in the context of life spans exceeding the average for a species.

Health Habits

Practices and behaviors adopted by individuals that affect their physical and mental well-being, either positively or negatively.