The economies of most nations today are ________.

Question

Quizplus · Accepted Answer

Most nations today have adopted a market economy, which is a type of economic system in which individuals and businesses make decisions about what to produce and consume, and the prices are determined by supply and demand. This type of economy is also known as a capitalist economy or free market economy. Planned economies are characterized by government control over economic decisions, while command economies are a type of planned economy in which all production and distribution decisions are made by a central authority. Traditional economies are based on customs and traditions and are prevalent in developing countries, but are becoming less common as more countries adopt market economies.

The Economies of Most Nations Today Are ________