ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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market
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economy
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entrepreneurship
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store
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Detailed explanation-1: -A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country’s individual citizens and businesses.
Detailed explanation-2: -Commerce is the exchange of goods and services on a large scale. Any transaction that uses the money to purchase goods or services is a part of the Commerce.
Detailed explanation-3: -In economics, the product market is the marketplace where final goods or services are sold to businesses and the public sector.
Detailed explanation-4: -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.