economic exam past paper question

Question

which of the following statements best describes an "economy"?

(A) a system where suppliers produce all the good and services needed by the consumers.

(B) a system whereby all the goods and services used by citizens of a country are provided by the government.

(C) the utilization of resources to produce good and services to meet the needs and wants of society.

(D) the utilization of resources by manufacturers to produce goods and maximize profits.

Answer 1

I would argue any of these are components of an economy. However, there are various types of economies (command, free-market, laissez-faire) that prioritize different things so it really depends on what type of economy you're talking about. What is best for one economy to one country may not be best for another. I see the word "best" in the question, but that's ambiguous. If I MUST choose, I would choose answer C.