Question

Define pure market economy (50 points)

Answer 1

Answer:

Pure Market Economy. In a pure market economy, all of the factors of production are owned by individuals who sell them or the use of them to firms for the production of goods and services.

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Explanation:

Answer 2

An economy, or economic system, that relies exclusively on markets to allocate resources and to answer all three questions of allocation. ... Then contrasting theoretical ideal is a pure command economy in which governments make all allocation decisions.