John lives in a country where producers and consumers control production, and where allocation decisions are made through the mechanism of supply and demand. John lives in a country with a ________ economy.
A) privatized
B) socialist
C) communist
D) market
E) nationalized

Question

Quizplus · Accepted Answer

John lives in a market economy, where production and allocation decisions are made by producers and consumers based on supply and demand. A privatized economy refers to the transfer of ownership and control of public assets to the private sector. A socialist economy is characterized by state ownership and control of the means of production, distribution, and exchange. A communist economy is a type of socialist economy where the state owns and controls all economic resources and decision-making. A nationalized economy refers to the transfer of ownership and control of private assets to the state.

John Lives in a Country Where Producers and Consumers Control