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In a market economy who makes the decisions that guide most economic activity?
firms and households
Which kind of economy is most common in the world today?
Market Economy
What is one economy type?
There are 3 types. Market economy, Planned economy and Mixed economy (most common).
Which economy would consumers have the most choices of what products to buy?
market economy
Why most county are goging toward market economy?
Countries that are currently undergoing industrialization are switching to a market based economy.
Does most of Latin America have a market economy?
yes
What is the most essential characteristic of a market economy?
Customers
What economy most accurately describes the economy that exists in Hong Kong?
free market
What kind of economy are most economies of the world?
A mixed economy: market economy mixed with Government control and regulation.
Which kind of economy would you have the most opportunity to try to achieve success if you are an entrepreneur?
Market Economy
Whose interest is more important under market economy according to Adam smith?
The wealthy interest is the most important to the success of the market economy.
What are the 4 economic systems?
The four types of economic systems are the traditional economy, the market economy, the command economy, and the mixed economy. Of these, the traditional economy is the most basic.
A country moving from a command economy to a market economy will most likely?
reduce government control of business.
What was Europe's most common economy?
Most European countries would have market economies.
For consumers most market activity can be explained by the goal of?
maximizing happiness
What activity was most important to the Virginia Colony's early economy?
tobacco farming
Is Colombia a capitalist command or mixed economy?
Colombia has a 'mixed' economy in terms of a certain level of Government regulation in what can be largely considered a free market economy. This is what most Western economies have. A command economy is what the old Communist States had: economic activity was almost totally dictated by Government demands and regulations. A capitalist economy has almost total freedom of economic activity with an absolute minimum of Government involvement. Not even the US has that, much to the regret of the Tea Party.
What will most efficiently provide products?
A market economy with many producers
What will most efficiency provide products?
a market economy with many producers
What type of economy is most likely to develop new and better products?
A Market economy is most likely to develop new and better products.
What country in the Eastern Mediterranean has the most diversified economy?
Israel is the Eastern Mediterranean country that has the most diversified economy. Israel has a market economy, and in 2014, its GDP was $286.840 billion.
Which of the following countries economies has the fewest elements of command economy and the most elements of market economy?
the United States
What kind of economy is most closely related to a democratic economy?
Democratic societies usually have free market economies.
What are the roles of government in a free market economy?
When people say "Free Market" economy, they have in mind what most economists would call a True Free Market Economy. When people refer to a "Market" economy, they generally have in mind the economists' "Mixed Market Economy".This answer is based on a True Free Market economy. Look at the Related Questions section for answers around a Mixed Market economy.Besides functions which aren't specifically related to the economic model that a country employs (e.g. defense and policing, social behavior regulation, etc.), here is what a TFM economy requires from the government:A stable single currency to conduct all economic activity inAn independent, consistent, and stable legal framework and judicial system to resolve all contractual disputesProtection of individual rights of propertyProtection of the sanctity of contracts (i.e. not to just resolve contract disputes, but to enforce contracts legally entered into)
What type of economy is in china?
The type of economy that China has is known as a socialist market economy. The economy also has a element of capitalism whereby the state owns most of the firms.
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