Which of the following is determined by an economic system?

• A. The laws of physics
• B. The genetic makeup of a population
• C. The weather patterns in a region
• D. How resources are allocated among competing uses

Answer: (D)

Verified step by step guidance

1. Understand the concept of an economic system: it is a framework that societies use to decide how to allocate scarce resources among competing uses.
2. Recognize that economic systems determine decisions related to production, distribution, and consumption of goods and services.
3. Identify that laws of physics, genetic makeup, and weather patterns are natural phenomena and are not influenced by economic systems.
4. Focus on the role of economic systems in resource allocation, which involves deciding what to produce, how to produce, and for whom to produce.
5. Conclude that the correct answer is the one related to resource allocation among competing uses, as this is directly determined by the economic system.