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The terms free market Economics and capitalism are used relatively interchangeably because both refer to a system where BUSINESS OWNERS make local decisions to produce, sell, and buy various products based on MARKET DEMAND, rather than government demands.
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What is the command system?
Command system is when the government makes decisions or when the economic decision is taken by the central body. This type of system contrasts the market economy.
Who makes economic decisions in a free-market system?
Consumers and Producers.
What type of system does the government make no economic decisions?
The type of system where the government makes no economic decisions is known as a free-market economy. In this system, economic decisions are driven by individual choices and market forces, such as supply and demand. Businesses and consumers operate with minimal government intervention, allowing for competition and innovation. This approach promotes efficiency and consumer choice but can also lead to inequalities and market failures.
Who makes the economic decisions in a market economy?
The Market or if you want a "who", consumers and producers.
Who makes decisions in a free market system?
In a free market system
In the US which group makes most of the economic decision?
the consumers
In the US which group actually makes most of the economic decision?
the consumers
Who makes economic decisions for market?
The people who is in head of the business.
Who made all economic decisions?
Economic decisions can be made by various entities depending on the context. In a market economy, individual consumers and businesses make decisions based on supply and demand. In a command economy, the government or central authority typically makes all economic decisions. In mixed economies, a combination of both market forces and government regulations influences economic decision-making.
In the US what group actually makes most of the economic decision?
The Consumers (NOVANET)
Who owns the factors of productiom and makes economic decisions in a market economy?
Individuals own the factors of production and make economic decisions in a market economy. This is in contrast to a command economy, where the government makes those decisions.
Which economic system is the least like system used in the united States?
The economic system that is least like the one used in the United States is a command economy, such as that of North Korea. In a command economy, the government makes all decisions regarding production, distribution, and pricing, whereas the U.S. operates primarily under a mixed economy that emphasizes free-market principles with some government regulation. This fundamental difference in decision-making and resource allocation leads to stark contrasts in economic activity and individual freedoms.
