Question

An economy in which the buyers and sellers determine what goods are produced is called a(n)

Answer 1

Answer:

market economy

Explanation:

The market economy is a type of economy that gradually has become the most popular in the world. Through the process of globalization and fall of communism, this type of economy managed to spread out easily. The market economy is an economy type in which the private sector is the one that owns the businesses and is independent from the governments. The producers have freedom to decide what to produce, in which way to produce, and how much to produce, while on the other side, the consumers have the freedom to decide what to buy and what amount to buy it, thus determining the demand for the products, and in accordance to it, their production.