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What is an economic system
Weegy: Economics is the social science that analyzes the production, distribution, and consumption of goods and services. [ The term economics comes from the Ancient Greek ????????? (oikonomia, "management of a household, administration") from ????? (oikos, "house") + ????? (nomos, "custom" or "law"), hence "rules of the house(hold)".[1] Political economy was the earlier name for the subject, but economists in the latter 19th century suggested 'economics' as a shorter term for 'economic science' that also avoided a narrow political-interest connotation and as similar in form to 'mathematics', 'ethics', and so forth. Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways. There are two main types of economics: macroeconomics and microeconomics. Microeconomics focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders. Macroeconomics, on the other hand, takes a much broader view by analyzing the economic activity of an entire country or the international marketplace. ] (More)
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Expert Answered
Updated 4/24/2015 7:09:07 AM
1 Answer/Comment
An economic system is a system of production and exchange of goods and services as well as allocation of resources in a society.


Added 4/24/2015 7:09:07 AM
Visible balance is known as what
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Updated 2/20/2014 6:33:25 AM
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Visible balance is known as the balance of trade in goods.

Added 2/20/2014 6:33:24 AM
This answer has been confirmed as correct, not copied, and helpful.
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