Answer:
Step-by-step explanation:
The basic economic decisions are; what to produce? 2. How to produce? 3. Whom to produce?
Three economic systems are;
1. Free market
2. Command economy
3. Mixed economy.
In free market economy system; the products which are profitable, produced, production method is finalized by an entrepreneur. 3. the people who can afford to pay.
in command economy ; govt decides all three questions .
while in mixed economy both govt. and pvt .sector decides.
Characteristics of market economy;
1. Profit motive
2. variety of goods and services