Best choice Aaliya owns an ice cream shop where she can make all businessdecisions. She often changes the flavours of her ice creamdepending on customer feedback and sales figures. This scenariobest describes which of the following economic system?a. CommandO b. CapitalistOc. SocialistO d. PlannedA normative statement often involves:O a. OpinionsO b. NumbersOc. FactsO d. Statistics

Economy refers to a region that includes various entities such as government, consumers and…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Best choice

Aaliya owns an ice cream shop where she can make all business
decisions. She often changes the flavours of her ice cream
depending on customer feedback and sales figures. This scenario
best describes which of the following economic system?
a. Command
O b. Capitalist
Oc. Socialist
O d. Planned
A normative statement often involves:
O a. Opinions
O b. Numbers
Oc. Facts
O d. Statistics

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