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An Economic System Is the Way an Economy Organizes to Use

question 246

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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.


Definitions:

Used-book Market

A marketplace for the buying and selling of previously owned books, offering an alternative for consumers seeking lower prices or out-of-print titles.

Profits

The financial gains obtained when revenue from business activities exceeds expenses and costs.

Copyright Protection

A legal mechanism that grants the creator of original works exclusive rights to their use and distribution, typically for a limited time.

New Software

A program or set of instructions that is designed to perform specific tasks, recently developed or released.

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