WAEC - Economics (2015 - No. 4)
The following constitute the criteria for identifying an economic system except?
ownership of resources
scarcity of resources
method of decision making
motivation for production
Wyjaśnienie
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.