ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command
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Market
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Mixed
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Traditional
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Detailed explanation-1: -A market economy (ME) refers to a form of economic system where businesses and consumers drive the economy with minimal government intervention. In other words, the laws of demand and supply determine the price and quantity of goods produced in an economy.
Detailed explanation-2: -A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention.
Detailed explanation-3: -A free market economy is one without government intervention or regulation. In a purely free market, buyers and sellers arrive at prices based only on supply and demand.
Detailed explanation-4: -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-5: -The free market is an economic system based on supply and demand with little or no government control.