Question

In this type of economic system, the production of goods and services is controlled solely by the concept of supply and demand, businesses are operated for profit, and the government is not involved.

A)
command

B)
communism

C)
market

D)
mixed

Answer 1

The best answer is c) market economy. In a market economy the market controls "itself" through the relation of supply and demand, without the influence of the government. Options A, B, and D, imply some level of government influence.

Answer 2

The answer is "C) market".

"Market economy" is a type of economic system, the production of goods and services is controlled solely by the concept of supply and demand, businesses are operated for profit, and the government is not involved.

A market economy is a economic framework in which financial choices and the valuing of products and enterprises are guided exclusively by the total collaborations of a nation's individual subjects and organizations. There is little government mediation or central arranging. This is the inverse of a centrally planned economy, in which government choices drive most parts of a nation's financial movement.