The market system consists of planning by:

Question

Quizplus · Accepted Answer

The market system relies on inducement, which means that individuals and businesses are motivated by personal gain to create goods and services that meet the demands of consumers. This occurs through the process of buying and selling in a competitive marketplace. Under this system, there is no central authority directing economic activity or making decisions about what will be produced or how resources will be allocated. Instead, individuals and businesses are free to pursue their own interests, which ultimately leads to a more efficient and productive use of resources.

The Market System Consists of Planning By