What is the type of mechanism that answers the basic economic questions through a decentralized decision making process?
A) Market system
B) Dictatorship
C) Command and control
D) Mixed economic system

Question

Quizplus · Accepted Answer

A market system is a type of economic mechanism where the basic economic questions are answered through a decentralized decision-making process. In a market system, individuals and businesses make their own decisions about what to produce, how to produce it, and for whom to produce it, based on their own self-interest and the forces of supply and demand. This is in contrast to command and control systems or dictatorships, where central planners or governments make these decisions for the entire economy. Mixed economic systems combine elements of both market and command systems.

What Is the Type of Mechanism That Answers the Basic