Which of the following best describes systems in economics?

The best description of systems in economics is that they represent the arrangement we use to deal with scarcity. Scarcity is a fundamental concept in economics that arises because resources are limited while human wants are virtually unlimited. Therefore, economic systems are designed to allocate these scarce resources effectively to meet various needs and desires.

This arrangement can take multiple forms, such as capitalism, socialism, or mixed economies, each characterized by different methods of resource allocation and decision-making processes. In contrast, a strict system of laws or a barter system, while related to economic transactions, do not capture the broader complexity and organizational structures developed to handle the issue of scarcity itself. Consumer preferences also play a significant role in shaping economic systems but are more about individual choices rather than the overarching framework used to manage resources within an economy. Thus, option B accurately encapsulates the essence of what economic systems are fundamentally about.