Question

Select the term that best matches the given definition. Each term in this section will be used only one time. Group of answer choices individual business owners make economic decisions based on what consumers want [ Choose ] consumers, business owners, and government are all involved in decisions about the economy [ Choose ] government owns all property and businesses and makes the economic decisions for the nation [ Choose ]

Answer 1

Answer:

The correct answer is -

1. Market economy

2. Mixed economy

3. Command economy

Explanation:

A market economy is an economy where all three important questions that are What to produce? , How to produce? , and For whom to produce? is answered by the owner of the business owner according to the demand of consumers.

A Mixed economy is an economic system that is mixed with the command and market economy as the government also involve in the process to answer the questions.

In command economy government decides what how and for whom products will be produces and other decisions.