An economy where private individuals who are guided by the invisible hand make decisions is known as a:

Question

Quizplus · Accepted Answer

A market economy is guided by the invisible hand of supply and demand, where private individuals make decisions regarding production, consumption, and investment. This is in contrast to a centrally planned economy, where decisions are made by the government, and a socialist economy, where the means of production are owned and controlled by the community as a whole. A barter economy is a system where goods and services are exchanged directly without the use of money.

An Economy Where Private Individuals Who Are Guided by the Invisible