Answer Expert Verified
- Answer: Producers and consumers.
- Explanation:
- A free-market system is an economic system in which the market decides the prices of goods and services through supply (producers) and demand (consumers) with little or no government intervention or control. .
Who are the main players in a free market system?
The players in the free market economy are households and firms. A household is a person or group of people living in the same residence.
Who makes the decisions in a market economic system?
Most commonly, market economies feature government production of public goods, often as a government monopoly. But overall, market economies are characterized by decentralized economic decision making by buyers and sellers transacting everyday business.
Which of the following is the main goal of a socialist system?
A primary goal of socialism is social equality and a distribution of wealth based on one’s contribution to society, and an economic arrangement that would serve the interests of society as a whole.
How are economic decision makers involved in the economy?
They study the performance of the economy as a whole. Market: Means by which individuals interact to buy or to sell; mechanism that coordinates the independent intentions of buyers and sellers.
Why is competition an important part of a free-market system?
Consumer decisions affect producers, and producer decisions affect consumers. Which best explains why competition is an important part of a free-market system? Without competition, people wouldn’t have a lot of choices.
Which is best explains how a free-market system has a circular flow of influences?
Which best explains how a free-market system has a circular flow of influences? Consumer decisions affect producers, and producer decisions affect consumers. Which best explains why competition is an important part of a free-market system?
Which is not a goal pursued in the game of Economics?
The government establishes a retirement program for its citizens. Which is not a goal pursued in the game of economics? stagnation Which best explains why players in the game of economics are often in conflict with each other?
