A ________ economy is one in which resources are primarily owned and controlled by the private sector.
A) free market
B) planned
C) command
D) technocratic

Question

Quizplus · Accepted Answer

In a free market economy, businesses and individuals own and control resources, and market forces determine the distribution and pricing of goods and services. The government's role is limited to regulating and enforcing laws to ensure fair competition and protect consumer rights. This is in contrast to planned economies (B), where the government controls all economic decisions, and command economies (C), where the government owns and directs all resources and economic activity. A technocratic economy (D) refers to a system where economic decisions are made by technical experts rather than politicians or elected officials.

A ________ Economy Is One in Which Resources Are Primarily