Question

This is an economy in which the government- ideally- has nothing to say about what, how, and for whom goods are produced; the factors of production are privately owned.

Answer 1

A Market economy is a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand.

Answer 2

In an economy where the government has nothing to say about what, how, and for whom goods are produced, the factors of production are privately owned is known as the Market economy.

What do you mean by an economy?

An economy refers to the state of a country or region in terms of the consumption and production of goods and services.

In the market economy, supply and demand determine the prices and the government ideally has nothing to say about what, how, and for whom goods are produced. The factors of production are privately owned in the market economy.

Therefore, the market economy is an economy where the government has no role regarding three economic questions.

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