ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The government provides services, such as telephones and television.
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A person can start any legal business and charge any price.
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The government provides food and housing to all workers.
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Businesses are owned by the government.
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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: -Which of the following is true of a market system? A market system is a combination of centralized government initiatives and decentralized actions taken by firms.
Detailed explanation-3: -A market system is the network of buyers, sellers and other actors that come together to trade in a given product or service. The participants in a market system include: Direct market players such as producers, buyers, and consumers who drive economic activity in the market.
Detailed explanation-4: -Private Property. Economic Freedom. Consumer Sovereignty. Competition. Profit. Voluntary Exchange. Limited Government Involvement.