BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Government
|
|
|
Consumers
|
|
|
Based upon customs, beliefs, religion and habits
|
Detailed explanation-1: -Most economic decisions are made by buyers and sellers, not the government. A competitive market economy promotes the efficient use of its resources. It is a self-regulating and self-adjusting economy.
Detailed explanation-2: -What are producers and consumers? Consumers buy goods and services to satisfy their wants, and producers make goods and services. This video from the Explore Economics series for kids helps them understand that people are both consumers and producers.
Detailed explanation-3: -In a market economy, private individuals, companies, and corporations own most of the resources. Individuals make decisions that contribute to supply and demand, which set prices and direct the production and use of goods and services.
Detailed explanation-4: -In a market economy, prices are set by the decisions of thousands of consumers and producers, each acting in their own self-interest.