BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -What Is a Market Economy? A market economy is an economy where most resources are owned and controlled by individuals and are allocated through voluntary market transactions governed by the interaction of supply and demand.

Detailed explanation-2: -A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention. A true free market economy is an economy in which all resources are owned by individuals.

Detailed explanation-3: -A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.

Detailed explanation-4: -The means of production are owned and managed by private players in a capitalist economy, by the government in a socialist economy, and by both private players and the government in a mixed economy. Countries like China and Russia have a socialist economic system.