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If consumers increase their purchases of goods and services then a likely outcome for our economy is?
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For whom are goods services produce in a market economy?
In a market economy, goods and services are produced for consumers.
Who decides who Consumes goods and services in a market economy?
Consumers
What does the economy have to do with?
The economy involves the sale and the purchase of goods and services, and all of the complex consequences and ramifications of those sales and purchases.
In a market economy are producers also consumers of goods and services?
True
How do increase in consumer spending affect the economy?
With an increase in consumer spending, there will be an increase in demand for goods/services, and therefore an increase in production, which drives the economy up.
In a country where the amount of goods and services is regulated by the government instead of by consumers what kind of economy is created?
This is called a command economy.
What are people called who use goods or services?
Generally, consumers. Other people who participate in an economy are called economic agents.
Compare the circular flow diagrams of a free market and mixed economy describe hoe they differ and why?
In a mixed economy, the government purchases land, labor,and capital from households in the factor market, and purchases goods and services in the product market.
How should goods and services be produced in a market economy?
A market economy has producers that grow, make or manufacture goods. These are then sold to middle men who wholesale the good to retailer that sell them to the consumers.
In which type of economy are choices made by consumers?
market
How are goods and services distributed in market economy?
To consumers based on the basis of their ability and willingness to pay the existing market price
Who decides what goods and services will be produced in a market economy?
In a market economy, it is the producer, typically influenced by the demands of the consumer, who makes decisions about what to produce. This is in contrast to a command economy where the government makes those decisions.
