the quantities and prices of the resources that households supply.
the quantities and prices of the resources that households supply.
In a market economy, the money incomes of individuals depend primarily upon
No, the UK is a Market economy. A market economy is one in which in which the prices of goods and services are determined by supply and demand.
command economy
based on economy
the quantities and prices of the resources that households supply.
In a perfect free-market economy, price is determined by supply and demand.
In a market economy, the money incomes of individuals depend primarily upon
No, the UK is a Market economy. A market economy is one in which in which the prices of goods and services are determined by supply and demand.
command economy
Primarily a free market economy with some state control.
based on economy
A free market economy is a market based one. The prices of goods and services are determined independently in a free market.
Cuba is a socialist economy.
A single product economy is a system that is based on one saleable item. For instance, the province of Newfoundland depends primarily on fishing for income. If the single market collapses, it can bring disaster.
The value is determined primarily by consumer demand. This is why the value of silver fluctuates. Precious metals are volatile and therefore have their ups and downs in the economy.
A market economy