Question

an economic system is the organized way a society provides goods and services to meet the wants and needs of its people. in this section, you will learn about different economic systems. the answers to three questions determine the type of economic system a society or nation has. what goods and services should be produced? how should goods and services be produced? who should receive the goods and services? it is important for a society to decide what to produce. how much of a countrys resources should be devoted to education, military weapons, parks, or office buildings? how much should be focused on consumer goods, or items that satisfy peoples wants? what types of consumer goods should be produced? a society must also decide how goods and services should be produced. a country must look at all the ways to produce things, like electricity and consumer goods. then, the country must determine the best way to produce each item. for example, should oil, nuclear power, or solar power be used to produce electricity? finally, who are the goods and services produced for? remember, amounts of goods and services are scarce, so every person cannot get everything he or she wants. societies must figure out how to distribute goods and services. how does a society decide who will drive an expensive car and who will ride a bus? the way that goods and services are provided determines what kind of economic system a society has. there are three major types of economic systems: traditional, command, and market. 1. what is an economic system?

Explanation:

The text states that an economic system is the organized way a society provides goods and services to meet the wants and needs of its people.

Answer:

An economic system is the organized way a society provides goods and services to meet the wants and needs of its people.