In a competitive market economy firms select the least-cost production technique because This will increase the corporations' earnings.
<h3>What is economy?</h3>
The administration of financial concerns for a community, business, or family is characterized as the economy.
The stock market system in the United States is an example of an economy.
The wealth generated by business and industry constitutes a country's economy. The Japanese economy expanded at a rate of more than 10% per year.
The economy is the utilization of the least amount of money, time, or other resources required to complete a task such that no resources are wasted.
Economic problems have an impact on our daily lives. Taxation and inflation, interest rates and wealth, inequality and emerging markets, and energy and the environment are all examples of such challenges.
Traditional economies, command economies, mixed economies, and market economies are the four major types of economic systems.
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