The following constitute the criteria for identifying an economic system except?
A. ownership of resources B. scarcity of resources C. method of decision making D. motivation for production
Correct Answer: B
Explanation
Economic systems are the means by which countries and governments distribute resources and trade goods and services. They are used to control the five factors of production, including: labor, capital, entrepreneurs, physical resources and information resources. An economic system is a system of production, resource allocation, exchange and distribution of goods and services in a society or a given geographic area.