Question

An economic system:
A. requires a grouping of private markets linked to one another.
B. is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.
C. requires some sort of centralized authority (such as government) to coordinate economic activity.
D. is a plan or scheme that allows a firm to make money at some other firm's expense.

Answer 1

Answer:

B. is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.

Explanation:

Economic system -

It is the system that is responsible for the resource allocation , production and the distribution of the services and goods , is known as an Economic system .

Economic system includes - the institutions of decision-making , agencies .

It works to deal with the problem related to the economy of a country or society .

Hence , the correct option is ( b ) .