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26 June, 06:11

In a market system:

Resources are directed and production is coordinated by the government

Consumption and production possibilities are restricted by religious authorities

Some markets are regulated, while others are unregulated

Households and firms make all economic decisions with minimal government regulation

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  1. 26 June, 09:40
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    Households and firms make all economic decisions with minimal government regulation

    Explanation:

    The economy in which the price of goods and services are decided by the demand and supply is called market economy. Market economy first came into being after the industrial revolution.

    The factors of production are privately owned in the market economies and there is very little government intervention. It is also known as free market economy. Market economies are criticised because of the differences between the rich and poor that are prevalent in them.
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Home » Business » In a market system: Resources are directed and production is coordinated by the government Consumption and production possibilities are restricted by religious authorities Some markets are regulated, while others are unregulated Households and firms
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