distribution and industry are Private_propertyOwnershipand operated for a private Profit_(economics)
In a free market economy, firms purchase factors of production such as labor, from households.
communism households
I believe the answer is "a command economy"It is market economy
Supply And Demand is the basis of most activity 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.
factors of production by govt. , by society and privetly
The people (aka. consumer sovereignty).
factors of production by govt. , by society and privetly
In a free market economy, firms purchase factors of production such as labor, from households.
communism households
I believe the answer is "a command economy"It is market economy
Supply And Demand is the basis of most activity 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.
A command economy is a system where the government controls economic activity and the production and distribution of goods. In a capitalist economy, such things are determined by market forces.
The production-possibility frontier would not look different in a command economy compared to a market economy because the PPF equate the rates of production between two goods which both use equal factors of production.
The production-possibility frontier would not look different in a command economy compared to a market economy because the PPF equate the rates of production between two goods which both use equal factors of production.
System in which individuals own the factors of production and make economic decisions through free interaction. OR an economy that relies chiefly on market forces to allocate goods and resources and to determine prices