The set of mechanisms and institutions that resolve the basic economic questions is called the:

A) economic system.
B) production possibilities dilemma.
C) business resolution device.
D) absolute advantage determination.
E) comparative advantage determination.

Economic System

A framework that defines how economic activities, including production, distribution, and consumption of goods and services, are organized and governed within a society.

Basic Economic Questions

Fundamental questions every economy must answer regarding what to produce, how to produce it, and for whom it is produced.