In any economic system, scarce resources have to be allocated among competing uses. Market economies harness the forces of.

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15-09-2022
Business

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In any economic system, scarce resources have to be allocated among competing uses. Market economies harness the forces of.

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febyyyvaalentina febyyyvaalentina · Answer 1 · 2022-09-21T20:58:41-04:00

A market economy utilizes the forces of supply and demand to allocate scarce resources.

The market economy system is an economic system that determines decisions related to investment, production, and distribution based on supply-demand relationships that determine the prices of goods and services. The main characteristic of a market economy is making investment decisions or distributing production goods through capital and financial markets.

In a market economy, economic problems are solved entirely by the market. Market dominance depends on pricing and the methods chosen by producers and consumers in the process of production and consumption. The market economy system was initially adopted by most of the free-thinking countries, especially the United States. Currently, most countries in the world have started to leave the market economy and choose another economic system.

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