WAEC - Economics (2019 - No. 5)
The desire for profits is a major feature of
traditional economy
mixed economy
market economy
command economy
설명
A market economy is an economic system in which the forces of demand and supply determine major economic decisions and the prices of goods and services
In this type of system, there is no central planning authority that determines what should be produced, but rather, private individuals and businesses are in charge of productive resources. Now we all know, private businesses are in business for the main purpose of making profits. A market economy is characterized by business owners who go into business for the sole aim of making profits