The economic system in which individuals and families own all of the scarce resources used in production, decide how and what to produce, and how many products to produce, is best described as a price system. true / false.

True

Explanation:

Price system in economics, is component of the economic system which uses the prices that are expressed in any form of the money for valuation and the distribution of the goods and the services and factors of the production. All modern societies use the price systems to allocate the resources except for the possible remote and the primitive communities.

Price system can be either the fixed price system in which the prices are administered by the government organization, or it may be the free price system where the prices are determined by the supply and the demand uninhibited by the regulations.