In a ____ the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.

Question

Quizplus · Accepted Answer

A market-directed economy, also known as a market economy, is characterized by the decisions of individual producers and consumers guiding the overall production, allocation, and pricing of goods and services. There is no central planning or government intervention in the economy. Instead, the law of supply and demand determines the prices of goods and services, and producers respond to these market signals in deciding what and how much to produce, while consumers decide what they want to buy with their purchasing power.

In a ____ the Individual Decisions of the Many Producers