Question

In this type of economy, the people decide the supply, demand, and price?

Answers

Answered by GPT 3.5
In a market economy, the people decide the supply, demand, and price through their buying and selling decisions in the marketplace. The government does not heavily regulate the economy, allowing for a free flow of goods and services based on the preferences and choices of individuals and businesses. This system allows for competition, efficiency, and innovation as businesses respond to the needs and desires of consumers.

Related Questions