Final answer:
Economic systems consist of multiple elements, including supply and demand, that determine resource allocation and decision-making processes.
Explanation:
Economic systems are composed of various components that determine how resources are owned and decisions are made. These systems include elements such as property rights, incentives, economic freedom, competition, and government involvement.
One key component of economic systems is the interaction between supply and demand, which plays a crucial role in determining what is produced, how it is produced, and for whom it is produced.
Market economies rely on individuals making choices within the market, while other systems, like command economies, rely on government decisions.
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