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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Command
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Mixed
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Traditional
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Detailed explanation-1: -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-2: -A market economy is a type of economic system where supply and demand (1) regulate the economy, rather than government intervention.
Detailed explanation-3: -Supply is generally considered to slope upward: as the price rises, suppliers are willing to produce more. Demand is generally considered to slope downward: at higher prices, consumers buy less.
Detailed explanation-4: -In a market economy, the wants of the consumers and the profit motive of the producers will decide what will be produced. A.K.A. Free-enterprise, Laisse-faire & capitalism. Labor (the workers) and management (the bosses/owners) together will determine how goods will be produced in a market economy.
Detailed explanation-5: -Key Takeaways There are six major types of markets-perfect competition, monopoly, monopolistic competition, oligopoly, oligopsony, and monopsony.