ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economy where industry is publicly owned & there is a central authority (government) making production & consumption decisions.
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Economy where decisions of individual producers & consumers determine what / how / for whom to produce (no government).
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Economic system where both the state & private sector direct the economy.
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System where traditions, customs, & beliefs shape the goods & services society creates.
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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: -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: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.
Detailed explanation-4: -A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country’s individual citizens and businesses.
Detailed explanation-5: -A market economy is an economic system in which individuals, rather than the state, own most of the resources. This includes land, labor, and capital. In a market economy, individuals control the use and price of these resources through voluntary decisions made in the marketplace.