The market-driven approach to economics holds that: the collective ownership of the means of production will generate the most output workers specializing on making one product instead of many will lead to the destruction of the entire economic system government must take a central role in the planning, production and distribution of all goods open trade is imperative to the survival of a market-driven economy

Question

Geography

Hyrum

9 April, 02:15

The market-driven approach to economics holds that: the collective ownership of the means of production will generate the most output workers specializing on making one product instead of many will lead to the destruction of the entire economic system government must take a central role in the planning, production and distribution of all goods open trade is imperative to the survival of a market-driven economy

+5

Answers (1)

Know the Answer?

Hale · Answer 1

Answer: open trade is imperative to the survival of a market-driven economy

Explanation:

The market-driven view of the economy considers open trade as crucial.

In an open market, there're no barriers to commercial activity, no tariffs, taxes, licensing conditions, subsidies, unionization, not any regulation that impedes commercial operations. The pricing of goods and services is believed to be driven mostly by the principles of supply and demand, meaning there's no need for any outside interference from corporations or governmental institutions.