Question

Type the correct answer in the box. Spell all words correctly. Over the last decade, George’s company has been intentionally reducing its business in budget phones. His company is making a conscious effort to only sell smartphones, because these are more profitable than budget phones. Which kind of economic system is George’s company reacting to? George’s company is reacting to the economic system.

Answer 1

George’s company is reacting to the Market  economic system.

Explanation:

• In a Market Economy system the organizations are run by the people.People determine how the economy runs,how supply are generated and how demands are met.
• The Market Economy System relies/depends upon the consumption choices of the customer.
• Supply and demand of the product has a great impact on this economy