An economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the market determines how much is sold and at what prices, is called a ____ economy.
A) product
B) producer's
C) market
D) planned
E) command

Question

Quizplus · Accepted Answer

A market economy is characterized by the freedom of individuals and businesses to produce and buy goods and services, and the market determines the prices and quantities exchanged. Supply and demand are the main determinants of production and consumption decisions.

An Economic System in Which Individuals and Businesses Make the Decisions