A pattern of economic exchange based on the supply and demand of goods and services is called:

Question

Quizplus · Accepted Answer

A market economy operates through the interaction of buyers and sellers, who determine prices based on supply and demand. This system is typically associated with capitalism and private ownership of businesses. The barter system involves direct exchange of goods and services but is less commonly used in modern economies. Socialist and reciprocal economies involve different models of economic organization. A faltering economy is one that is experiencing difficulties, but is not a type of economic system.

A Pattern of Economic Exchange Based on the Supply and Demand