Question

Explain what a market economy and supply & demand is

Answer 1

Answer:

A market economy is a system in which the laws of supply and demand direct the production of goods and services. Supply includes natural resources, capital, and labor. Demand includes purchases by consumers, businesses, and the government.

Answer 2

Answer:

Also known as sociol economy where individual are free to make their desicion on a locating scarce resources

Supply this are product produced to be consumed

Demand Demand is the quantity of consumers who are willing and able to buy products at various prices during a given period of time