In _____ economies, _____ make decisions based on prices set in competitive markets. In _____ economies, decisions are made by the _____ about what to produce, how to produce it, and for whom it will be produced.

Answer 1

In market economies, individuals make decisions based on prices set in competitive markets. In centrally planned economies, decisions are made by the government about what to produce, how to produce it, and for whom it will be produced.