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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Traditional
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Socialist
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Comunist
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Detailed explanation-1: -If they expect to succeed, they will produce what consumers want and charge what consumers are willing to pay. Through these decisions, the laws of supply and demand determine prices and total production.
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: -Market Theory Market economies work using the forces of supply and demand to determine the appropriate prices and quantities for most goods and services in the economy.
Detailed explanation-4: -Supply is determined by market demand, cost constraints, consumer preferences, and government policy. Supply is often broken into short-term and long-term supply, though there are other types of supply.
Detailed explanation-5: -Alfred Marshall In 1890, Alfred Marshall’s Principles of Economics developed a supply-and-demand curve that is still used to demonstrate the point at which the market is in equilibrium.