Question

A strength of the market economy is that: a. planners rather than consumers determine answers to the basic economic questions. b. it results in an equal distribution of wealth. c. resources are used efficiently. d. information for production and distribution decisions passes directly from the government to buyers.

Answer 1

A strength of the market economy is that resources are used efficiently.

What is a market economy?

• A market economy is an economic system in which all suppliers and consumers are unhindered by price controls or restrictions on contract freedom and where decisions regarding investment, production, and distribution to consumers are guided by the price signals created by the forces of supply and demand.
• The existence of factor markets that control the distribution of capital and the elements of production is a key feature of a market economy.

What are a market economy's four characteristics?

• A market economy is characterized by private property, freedom, self-interest, competition, and minimal government involvement.
• In a market economy, supply and demand are the driving forces.

Learn more about the market economy here:

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