ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -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: -In a market economy, resources are owned by private individuals. The goods and services that are produced are not determined by the government. Rather, production is determined by businesses responding to the wants and desires of consumers.
Detailed explanation-3: -Which of the following is true about market economies? Market economies are more efficient than centrally-planned economies.
Detailed explanation-4: -A market economy is one in which the allocation of resources and the prices of goods and services are determined by market forces, primarily supply and demand.