What is a characteristic of a market-based economy?(2 points)
Responses
Limited role of the private sector
Limited role of the private sector
Central planning by the government
Central planning by the government
Preference for collective ownership
Preference for collective ownership
Decentralized decision-making by consumers and businesses
1 answer
Decentralized decision-making by consumers and businesses is a characteristic of a market-based economy. This means that individuals and businesses are free to make their own decisions regarding what to produce, how to produce it, and for whom to produce it.