Which of the following correctly defines the economy?A.the institution that manages our daily livesB.the process of turning ideas into goodsC.the social institution that organizes a society’s production, distribution, and consumption of goods and servicesD.a government-run element of societySubmit
Question
Which of the following correctly defines the economy?A.the institution that manages our daily livesB.the process of turning ideas into goodsC.the social institution that organizes a society’s production, distribution, and consumption of goods and servicesD.a government-run element of societySubmit
Solution
The correct definition of the economy is C. The social institution that organizes a society’s production, distribution, and consumption of goods and services.
Here's why:
A. The economy is not an institution that manages our daily lives. While it does have a significant impact on our lives, it doesn't manage them.
B. The process of turning ideas into goods is more related to innovation and production, which are aspects of the economy, but they do not define the economy as a whole.
C. This is the correct definition. The economy is indeed a social institution that organizes a society’s production, distribution, and consumption of goods and services. It encompasses all activities related to production, consumption, and trade of goods and services in an area.
D. The economy is not a government-run element of society. While the government does play a role in the economy through policy and regulation, the economy includes all activity by consumers, businesses, and the government.
Similar Questions
Which of the following is the best description of an economy as described in your textbook?Group of answer choicesIt is a system of power and authority to finance governments.It is a system of producing and distributing goods and services.It is a system of protecting the people from unsafe products.It is a system of checks and balances.
An economy based on total government control over economic decisions is a _____.A.traditional economyB.command economyC.market economyD.mixed economy
Which of the following is the best definition of economics?A.the study of how business firms decide what inputs to hire and what outputs to produceB.the study of how consumers spend their incomeC.the study of how the federal government allocates tax dollarsD.the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided
.An economic system whereby the government controls the means of production and shares the wealth of the nation equally is called _____________a. Communismb. Capitalism c.c. Socialismd. Oligarchy.
The American economy is a(n) ________ economy, or an economy in which economic activities occur between the country and the international community.Multiple Choiceopenstandardrelativeindustrial
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.