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________ refers to an arrangement by which central problem of an economy are solved.( Fill in the blank with correct alternative)
Economic growth
Social welfare
Economic system
Socialism
- Option:1, Economic growth:
- This refers to an increase in the production and consumption of goods and services, leading to a rise in a country's economy over time.
- It's driven by factors like investment, technology, and workforce enhancements.
- While important, it doesn't solve the fundamental economic problems.
- Option:2, Social welfare:
- This involves programs and policies designed to improve the well-being of individuals in a society.
- It aims at providing support in areas like health, education, and economic security.
- This is more about addressing social equity and quality of life.
- Option:3, Economic system:
- This is the correct answer.
- It defines how a country organizes its resources and policies to address economic problems.
- Different systems (e.g., capitalism, socialism) solve central economic issues in varied ways.
- Option:4, Socialism:
- An economic and political theory advocating for collective or governmental ownership and administration of production and distribution.
- It focuses on reducing inequality and providing social support.
- It is a type of economic system.
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