GCE Economics 2013 Theory — Question 6
Question 6 of 18 from the General Certificate of Education (GCE) Economics 2013 Theory paper, with the correct answer and a full explanation.
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Essay Question 4(a). Define economic system.
Model answer
An economic system is a set of institutions, laws and customs that determine how economic decisions are made, how goods and services are produced and distributed, and how resources are allocated in a society. It is a system by which economic problems or goals are solved or attained.
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