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Economic Analysis of Social Issues 1st Edition by Alan Grant
Edition 1ISBN: 978-0134098371Economic Analysis of Social Issues 1st Edition by Alan Grant
Edition 1ISBN: 978-0134098371 Exercise 1
An economy where production and distribution decisions are made by buyers and sellers is called a _______ economy.
Explanation
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Economics:
Economics refers to the study of how society chose to allocate its scarce resources to produce final goods and services in order to satisfy its unlimited wants..
Market Economy:
Market economy is that economic system within which the decisions relating to what good or service to produce and the way in which it should to be produced is made by the sellers in the market. They decide this based on the conditional to the taste and preference of the buyers, and are distributed in the economy to those who possess the ability and desire to pay for it.
Thus, the answer is Market economy.
Economics refers to the study of how society chose to allocate its scarce resources to produce final goods and services in order to satisfy its unlimited wants..
Market Economy:
Market economy is that economic system within which the decisions relating to what good or service to produce and the way in which it should to be produced is made by the sellers in the market. They decide this based on the conditional to the taste and preference of the buyers, and are distributed in the economy to those who possess the ability and desire to pay for it.
Thus, the answer is Market economy.
Economic Analysis of Social Issues 1st Edition by Alan Grant
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