The following constitute the criteria for identifying an economic system except?
Answer Details
The correct answer is "scarcity of resources".
Scarcity of resources is not a criteria for identifying an economic system, but rather a fundamental problem that all economic systems have to deal with. Scarcity refers to the limited nature of resources, which means that society has to make choices about how to allocate them.
The other criteria listed - ownership of resources, method of decision making, and motivation for production - are all important factors in determining the type of economic system that a society has. For example, a capitalist economic system is characterized by private ownership of resources, market-based decision making, and profit as the main motivation for production, while a socialist economic system is characterized by public ownership of resources, centralized decision making, and meeting the needs of society as the main motivation for production.