No Bull Economics Lessons

Macroeconomics & Microeconomics Concepts You Must Know

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What is a market economy?

Posted on April 15, 2014 at 9:30 AM

A market economy exists when buyers and sellers allocate scarce economic resources. The laws of supply and demand decide what goods are produced, how goods are produced, and for whom the goods are produced for. The market decides the prices and quantities of goods and services.

AP Macroeconomics / AP Microeconomics Unit 1 Basic Economic Concepts

Categories: AP Macroeconomics, Macro Unit 1 Basic Economic Concepts, Micro Unit 1 Basic Economic Concepts

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