The market system
A)was born during the first Industrial Revolution in Great Britain.
B)arises spontaneously when individuals wish to trade.
C)is totally absent in state-run economies such as Cuba.
D)was created by Adam Smith in 1776.
E)is forced on a society by government and the capitalists who run it.

Question

Quizplus · Accepted Answer

The market system arises spontaneously when individuals wish to trade. It is not forced upon a society by government or individuals who run it. While Adam Smith's Wealth of Nations is often credited with laying out the principles of the market system, it is important to note that the market system has evolved over time and is not the product of any one individual or government. State-run economies such as Cuba do not have a market system in the traditional sense.

The Market System