A market economy system is characterized by privately owned means of production.
In a market economy the economic agents own the factors of production and are free to offer them in the factor markets in exchange for a retribution.
In this system, the prices and the quantities exchanged are decided in the markets, after the interactions of the aggregate desires of all consumers and producers. There are almost no interventions from the goverment.
<u>On the other hand, a centrally-planned economy</u> would be a system in which the means of production are collectively owned by the whole society, and therefore, are in hands of the public authorities.
<span>1. established government policies that favored merchants and protected the nation’s economy is mercantilism. They wanted to strengthen national economies by introducing policies of trading that suited only the main nation and not other nations.
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2. encouraged capitalists to save money is insurance companies. If you have accumulated wealth then the insurance companies give you better premiums because it is not expected that they might fail.
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3.allowed investors to engage in speculative trading is banks. They did it a lot before the great depression which is why the great depression began in the first place when the system started collapsing.</span>
Answer is L please give me brainliest answer
Answer:
the phenomenon in which a person with expertise or status in one area is given deference in all areas
Explanation:
Halo effect is a cognitive bias in which overall impression of any person is formed based on perception of any one attribute of the person.
It is the tendency of evaluating someone based on relating correlating one attribute to another.
Example can be when one is well dressed and posses calm demeanor. It is often seen that people judge him as well educated and with moral values. Thus well dressed mannerism has caused judgmental biasing that he is well educated as well.
Option A says that a person with expertise or status in one area is respected in other areas thus his expertise in specific area is causing halo effect to earn him deference in other areas as well. Thus Option A is correct answer.
