Market economies are distinguished from other types of economies largely on the basis of
A)the political affiliations of government officials.
B)the process by which government officials are elected or appointed.
C)the ways in which scarce resources are allocated.
D)the number of retail outlets available to consumers.

Question

Quizplus · Accepted Answer

Market economies are characterized by the allocation of resources through the interactions of buyers and sellers in markets, rather than by government decision-making or other mechanisms. Therefore, the correct choice is C, as this describes the fundamental difference between market economies and other types of economies. A, B, and D are incorrect options, as they are not related to the defining features of a market economy.

Market Economies Are Distinguished from Other Types of Economies Largely