1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
olga2289 [7]
2 years ago
9

2

History
1 answer:
sladkih [1.3K]2 years ago
3 0

Answer:

market

Explanation:

An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.

Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.

Basically, there are four (4) main types of economy and these are;

I. Mixed economy.

II. Free market economy.

III. Traditional economy.

IV. Command economy.

A market economic system also referred to as capitalism or free-enterprise can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a market economic system is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.

Simply stated, a market economic system is a type of economy that is completely driven by demand and supply of goods and services.

The four (4) main elements or characteristics of a market economic system include the following;

a. Profit: businesses are all out to generate revenue and profit through the sales of finished goods.

b. Economic freedom: means of production of goods and services are controlled by the people rather than the government. Thus, the producers are free to make their economic choices or decisions such as deciding on how much is to be charged on a product.

c. Private ownership of properties: the various factors of production are owned and allocated by the people. Thus, citizens have rights to the ownership and use of private property.

d. Competition: there are many buyers and sellers of homogeneous products, as well as free entry and exit in the market. Thus, consumers are free to make their economic choices or decisions such as deciding on which product to buy, which goods interest them, where to shop for goods, etc.

A market type of economic system belongs in the box above.

You might be interested in
12. What group did the Catholic Church use to punish heretics?
Ghella [55]
Pretty sure it’s the Inquisition. B
3 0
3 years ago
Help asap!!!!!!!! How did Liu Bang come to power as the first Han emperor?
Ivenika [448]

Answer:

He led a peasant rebellion and defeated the Qin

Explanation:

8 0
2 years ago
Ehich statement accurately describes lines of latitude, also called parallels on a map
netineya [11]

They measure distance north and south of the prime meridian.

4 0
3 years ago
Which statement about John James Audubon is true?
Gnoma [55]
The correct answer for this question would be option C. The statement that is considered true about John James Audubon is that, he made paintings of birds found in North America. John James Audubon was an <span>ornithologist, artist and naturalist and he is known for painting of birds. Hope this answers your question.</span>
4 0
3 years ago
Read 2 more answers
Which of these countries led england in commerce during the seventeenth century?
igor_vitrenko [27]
England and netherlands 
6 0
3 years ago
Other questions:
  • What did Montesquieu admire about the English government ? How is the structure of the English government similar to what our Fo
    14·1 answer
  • What was the significance of V-E Day?
    8·2 answers
  • Urbanization primary took place in the north because?
    6·1 answer
  • What we’re the major consequences of the civil war
    14·1 answer
  • Where was the French and Indian War fought? Question 3 options: A) Great Britain B) America C) Canada D) France
    12·1 answer
  • The first reconnaissance satellite program was established by which US group?
    8·1 answer
  • PLZ HELP ME! I AM TIMED!
    5·2 answers
  • When it met in May of 1775, the Second Continental Congress focused on
    10·2 answers
  • After _____ Berlin was divided into four sections.
    13·1 answer
  • ___________ is the area of dark created when an object blocks light.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!