An economic system that leaves production decisions completely up to the producers is a FREE-MARKET ECONOMY. In this type of economy, prices of commodities and services is mainly decided by the open market and its consumers. I hope my answer has come to your help.
What economic system leaves production decisions?
Explanation: Free Market Economy is a system which is grounded on the supply as well as demand with no or little control of the government. In this kind of economy, the prices of the services as well as the commodities are decided or set by the consumers and the by the open market.
In which economic system does the government work to protect the consumer and the producers?
Under a command economy, governments own the factors of production such as land, capital, and resources, and government officials determine when, where, and how much is produced. This is also sometimes referred to as a planned economy.
Who are the economic decision makers?
Chapter 4 Economic Decision-Makers: Households, Firms, Governments, and the Rest of the World. Macroeconomics: Study how decisions of individuals coordinated by markets in the entire economy join together to determine economy-wide aggregates like employment and growth.
Which groups of players make all of the economic decisions?
Answer Expert Verified
- Answer: Producers and consumers.
- Explanation:
- A free-market system is an economic system in which the market decides the prices of goods and services through supply (producers) and demand (consumers) with little or no government intervention or control. .
Who are the 4 economic decision makers?
Who makes the important economic decisions in a free-market economy?
One of the most important characteristics of a market economy, also called a free enterprise economy, is the role of a limited government. Most economic decisions are made by buyers and sellers, not the government.
Which if the following groups of players make all of the economic decisions in a free-market system?
Which group of players make all of the economic decisions in a free-market system? Consumer decisions affect producers, and producer decisions affect consumers.
