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:

Corporations

Organizations or businesses recognized by law as a single entity, having rights and responsibilities, and authorized to act as a single person.

Low-Profit Areas

Regions or communities characterized by below-average income levels and economic activity, often facing higher instances of poverty and limited access to resources.

IRS Regulations

Rules and guidelines issued by the Internal Revenue Service governing federal tax administration in the United States.

Employment Taxes

Taxes that an employer is required to withhold and/or pay on behalf of their employees, including income tax, social security, and Medicare taxes.