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WAEC Economics 2003 Question 2

Question 2

Economic Systems

The three major agents of an economic system are the

  1. A.consumers, workers and producers.
  2. B.markets, telecommunication and banks
  3. C.schools, hospitals and universities
  4. D.individuals, firms and government.
Show the answer and explanation

Answer: D (individuals, firms and government.)

Explanation

The decision-makers in any economy are households (individuals), firms and the government.