Mexico allows producers and consumers to make production and allocation decisions through the mechanism of supply and demand. Such a system is called

Question

Quizplus · Accepted Answer

Mexico's economic system is based on a market economy where decisions about production and allocation are made by producers and consumers through the mechanism of supply and demand. This means that the government does not heavily regulate or control the economy, but instead allows market forces to determine prices and quantities of goods and services. This is distinct from socialism and communism, which involve more government control and ownership of resources and means of production, and from privatization and nationalization, which involve transfer of ownership from public to private or vice versa.

Mexico Allows Producers and Consumers to Make Production and Allocation