Market Economy
Meaningful statement about the economic behavior or the economy is called?
it's called a command economy
Socialism.
chippendale
Free Enterprise
Meaningful statement about the economic behavior or the economy is called?
it's called a command economy
Socialism.
chippendale
It is called fecundity.
pleiotropy
Free Enterprise
Capital
RESOURCE?
a democracy
People make economic decisions because they are necessary to satisfy their material desires. Economics is a social science which describes how people react and produce in conditions of scarcity, which exists when they are unable to satisfy all of their desires within their power or ability. Economics inherently means that people must manage, trade, and produce to meet their desires for both basic things (food, shelter, etc.) and more advanced things (technology). People must make these decisions because scarcity exists and thus they have to optimise their outcome (utility) based on their constraint (also called budget).
capitalist economy, Karl Max describe a system in which a small group of people who control large amounts of money, or capital, make the most important economic decisions.