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.
In a free market system
The Market or if you want a "who", consumers and producers.
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.
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.
The people who is in head of the business.
Consumers and Producers.
In a free market system
The Market or if you want a "who", consumers and producers.
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.
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.
The people who is in head of the business.
The people in the market make these decisions on an individual basis.
Consumers and producers
Consumers and producers
firms and households
who makes australia's economic decisions
it's called a command economy