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27 February, 13:32

An economics system in which consumers vote with their dollars to answer what is produced and how it is produced is known as ___.

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Answers (2)
  1. 27 February, 14:52
    0
    The correct answer is: market economy.

    Explanation:

    Economic decisions and prices in a market economy are determined more by market forces than by central planning. Market forces refer to the collective effect of all decisions taken by individual participants in the economy according to their free will, such as consumers and businesses. In a market economy consumers are said to have sovereignty since the value of their dollars determines the market output.
  2. 27 February, 16:48
    0
    Market Economy System

    Explanation:

    A market economy is an economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand.

    A market economy is a system where the laws of supply and demand direct the production of goods and services. Capitalism requires a market economy to set prices and distribute goods and services.
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