Questions and Answers
Which two forces make market economies work?
Price and quantity
What are the main drivers of market economies?
Price and quantity
What are the two fundamental factors that determine market outcomes?
Price and quantity
Who determines how much of a good will be sold and the price at which it is sold in a free market?
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What is the role of suppliers in a free market?
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In a free market, who has the power to determine the quantity of a good to be sold?
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Study Notes
Market Economies
- Two forces that make market economies work: Supply and Demand
- Main drivers of market economies: Supply and Demand
- Two fundamental factors that determine market outcomes: Supply and Demand
Free Market Mechanism
- In a free market, Suppliers and Demanders determine the quantity of a good to be sold and the price at which it is sold
- Suppliers have the power to determine the quantity of a good to be sold in a free market
- Demanders (consumers) have the power to determine the price at which a good is sold in a free market
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