What is the best definition of an economic system? economy based on traditional production methods process by which people choose how to use limited resources in order to meet their needs government makes the best decisions

A process by which people choose how to use limited resources in order to meet their needs is the best definition of an economic system. The correct option among all the options that are given in the question is the second option. I hope that this is the answer you were looking for and it has helped you.

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ahmedishaal ahmedishaal · Answer 2 · 2019-01-30T07:30:13+01:00

The answer is "process by which people choose how to use limited resources in order to meet their needs".

An economic system refers to an organized way by which a nation allocates assets and appropriates products and ventures over the entire country or a given geographic zone. It is incorporates the mix of a few organizations, elements, offices, basic leadership procedures and examples of utilization that make up the financial structure of a particular network. Hence it is a kind of social framework.

An economic system characterizes how every one of the elements in an economy cooperate. Characterizing them today is considerably more complicated than it used to be.