ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market
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Command
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Mixed
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Traditional
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Detailed explanation-1: -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-2: -In a market economy, resources are owned by private individuals. The goods and services that are produced are not determined by the government. Rather, production is determined by businesses responding to the wants and desires of consumers.
Detailed explanation-3: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.
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.
Detailed explanation-5: -Traditional economic system. Command economic system. Market economic system. Mixed system. 04-Mar-2023