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What economic system is controlled by the laws of supply and demand?
Wiki User
∙ 8y ago
the answer is either in you book or you werent paying attion to the story or not listing to the teacher so i cant give you the answer you should have been listing or reading it!!!!!!!!!!!!!!! haha DEAD FACE!!!!!!!!!!!
Wiki User
∙ 14y ago
Wiki User
∙ 11y agoA free market (as opposed to a controlled market) depends on the law of supply and demand.
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Which of these describes a market economic system?
Economic decisions are based on supply and demand. A+
What do you study in Economics in VCE?
The Australian Market system and basic economic concepts such as demand and supply.
What is the economic system based on the law of supply and demand during the cold war?
free market economy
Which economic system has relative prices change to reflect changes in supply and demand for different commodities is known as a?
Price or market system
What good and services will produce and how will the produce?
The basic economic theory states that "When there is demand efforts will be made to satisfy this demand by virtue of supply." Now in an economic system the consumer dictates the demand and so the supply has to satisfy the demand.So the suppliers have to model their products and services which corresponds to demands of the consumers.
How was the economy controlled?
How an economy is controlled depends on what system that economy is following. And economy can be controlled by the relationship between supply and demand, or by government fiat, for example. It can also be controlled by a country's relationships with other countries.
How does the consumer influence what goods and services will be produced?
The basic economic theory states that "When there is demand efforts will be made to satisfy this demand by virtue of supply." Now in an economic system the consumer dictates the demand and so the supply has to satisfy the demand.So the suppliers have to model their products and services which corresponds to demands of the consumers.
What three key economic decisions must every economic system make?
The three key economic decision of every economic system are price, how much to produce, and where to sell the product. This follows the principles of the laws of supply and demand.
The economic system in witch consumers control prices and production through supply and demand is called a?
free market economy
What is the importance of economic system?
The importance of an economic system is that the economic system runs the civilization. This system forms the civilization and shows what people value. This helps decide what should be produced,how much something is worth, and keeps business at a supply and demand routine. Hope my answer helped :) Peace!
Economic system which people and privately owned companies own basic and non basic businesses?
Capitalism
What is the ONS system?
Supply and Demand
