Question 37 An economic system that gives decision-making power about what to produce and what to buy to individuals and businesses, and in which the market determines how much is sold and at what prices, is best called a ________ economy. O a. market O b. product O c. monetary O d. command O e. planned 1 points Save Answer
Added by Keith W.
Close
Step 1
The question asks to identify the type of economic system where individuals and businesses make decisions about production and consumption, and where the market determines prices and quantities sold. Show more…
Show all steps
Your feedback will help us improve your experience
Nick Johnson and 56 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
In which type of economy would you expect the standards of living to be highest? a. Market economy b. Command economy c. Traditional economy d. Planned economy
Nick J.
7. Which of the following is a market in the sense of an economic system? (a) Wal-Mart stores (b) A laissez-faire economy (c) The market for stocks in U.S. companies (d) A local organic food market (e) The market for entry-level high school teachers
Akash M.
Match each term with the correct definition. private property, freedom of enterprise, mutually agreeable, freedom of choice, self-interest, competition market. a. An institution that brings buyers and sellers together. b. The right of private persons and firms to obtain, control, employ, dispose of, and bequeath land, capital, and other property. c. The presence in a market of independent buyers and sellers who compete with one another and who are free to enter and exit the market as they each see fit. d. The freedom of firms to obtain economic resources, decide what products to produce with those resources, and sell those products in markets of their choice. e. What each individual or firm believes is best for itself and seeks to obtain. f. Economic transactions willingly undertaken by both the buyer and the seller because each feels that the transaction will make him or her better off. g. The freedom of resource owners to dispose of their resources as they think best; of workers to enter any line of work for which they are qualificd; and of consumers to spend their incomes in whatever way they feel is most appropriate.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD