Question

Consumers and producers have the most power to make economic decisions in what kind of economy?

Answer 1

Consumers and producers have the most power to make economic decisions in a market or capitalist economy. In this type of system, individuals and businesses are largely free to produce and purchase goods and services based on their own needs and preferences. The interaction of supply and demand in the marketplace determines prices and quantities, and consumers and producers play a vital role in shaping these economic outcomes through their choices and actions.