Market Based economy meansSelect one:a.Government has full control over the private sectorb.All economic decision are taken based on the demand and supply forcesc.Some economic decision are taken by government and other are left to market forcesd.Economic decisions are taken after keeping in view the social welfare
Question
Market Based economy meansSelect one:a.Government has full control over the private sectorb.All economic decision are taken based on the demand and supply forcesc.Some economic decision are taken by government and other are left to market forcesd.Economic decisions are taken after keeping in view the social welfare
Solution
The correct answer is:
b. All economic decisions are taken based on the demand and supply forces
In a market-based economy, the prices of goods and services are determined by supply and demand. The buying and selling of goods and services are voluntary and are influenced by the competition. The government does not control the market; instead, businesses and consumers do.
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