Question

Characteristics of what type of economic system are being described below? 1. basic economic questions answered by forces of the marketplace; 2. consumer demand determines what is produced; 3. competition determines the distribution of goods; Command Economies Market Economies Traditional Economies

Answer 1

Market Economies

Step-by-step explanation:

Market economy is understood as the organization and allocation of the production and consumption of goods and services arising from the interplay between supply and demand. The characteristic that defines the importance of the market economy is that decisions about investment and the allocation of production goods are made mainly through markets.

Answer 2

These characteristics would be describing a market economy, since in this economy there is very little if any government oversight and intervention.