3. In free market economy, the
organization and interaction of producers
and consumers is accomplished through
the
system.
Profit
Cost
Price
Revenue
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Explanation:
A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses. There may be some government intervention or central planning, but usually this term refers to an economy that is more market oriented in general.
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Price
Free market economy:
- A free market is a self-regulating economy that operates according to supply and demand laws.
- A central government agency does not regulate any part of the economy in a completely free market.
- The nature of the free market encourages firms to offer superior products and services that satisfy consumers' wants by removing government constraints.
- This system also aids merchants in setting prices that are affordable to all.
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