ECONOMICS (CBSE/UGC NET)

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: -A market economy, also known as a free market or free enterprise economy, is a system in which economic decisions, relating to things such as the prices of goods and services, are determined by supply and demand.

Detailed explanation-3: -A marketing system is a repeatable, predictable routine a marketer uses to carry out their daily work. Marketing systems are often employed by marketers hoping to replicate routines when communicating with clients, setting up social media campaigns, working with influencers, or even sending mailers to current clients.

Detailed explanation-4: -Pure Competition Is Best for the Consumer From the consumer point of view, pure competition is the best type of market, because it gives consumers the greatest consumer surplus and maximizes total surplus for the economy.