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Understanding Market Economy Quiz

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1. What is a defining characteristic of a market economy?

2. In a market economy, what is the primary motivating factor for businesses?

3. Which economic system features voluntary exchange as a core principle?

4. What does 'competition' in a market economy lead to?

5. How does a market economy use scarce resources?

6. What common mechanism is used to distribute goods and services in a market economy?

7. How is the economic problem of WHAT to produce solved in a market economy?

8. How is the economic problem of HOW to produce solved in a market economy?

9. How is the economic problem of FOR WHOM to produce solved in a market economy?

10. In a market economy, who owns and controls the factors of production?