An Economic System Is the Way an Economy Organizes to Use

question 246

True/False

An economic system is the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption among various people and groups in the society.

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Definitions:

Union Dues

Fees paid by members to a labor union to support its operations and activities.

Bargaining Agent

A body certified to act on behalf of a group of employees or employers.

Bargaining Unit

A group of employees with a clear and identifiable community of interest who are represented by a single labor union in collective bargaining.

Public Sector

The part of the economy that is controlled by the government including services such as education, healthcare, and law enforcement.