Which of the following is considered an economic system?

• A. Monarchy
• B. Dictatorship
• C. Market
• D. Democracy

Answer: (C)

Verified step by step guidance

1. Understand the definition of an economic system: it is a method or structure by which a society organizes the production, distribution, and consumption of goods and services.
2. Recognize that political systems like Monarchy, Dictatorship, and Democracy refer to forms of government or political authority, not economic organization.
3. Identify that a Market system is an economic system where decisions about production and consumption are guided by the interactions of buyers and sellers in markets.
4. Distinguish between political systems and economic systems by focusing on how resources are allocated and economic activities are coordinated.
5. Conclude that among the options given, 'Market' is the correct choice because it represents an economic system, while the others are political systems.