Question

An economy that gives private businesses and individual freedom to make economic decisions is a ____ A. Command economy B. Market economy C. Mixed economy D. Traditional economy

Answer 1

Answer:

B) Market Economy

Explanation:

This is another name for capitalism, based off free choices. A command economy is like socialism, where the government controls the economy. Mixed econony is mix between command and market. I'm not sure what traditional is.

Answer 2

An economy that gives private businesses and individual freedom to make economic decisions is a Market economy. Hence, option B is correct.

What is a market economy?

Market economy is the factor in which two elements that are demand and supply come across for the production of the goods and services. It is engaged by the voluntary exchange rather than government, as government has no role in this.

This is another name for capitalism that is centred on individual freedom. In a command economy, which resembles socialism, the government runs the business. Mixed economies combine the market and the command.

Thus, option B is correct.

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