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Rosmery Rodriguez
on Oct 09, 2024

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The market system's answer to the fundamental question "Who will get the goods and services?" is essentially:

A) "Those willing and able to pay for them."
B) "Those who physically produced them."
C) "Those who most need them."
D) "Those who get utility from them."

Market System

A market system is an economic system where prices and the distribution of goods and services are determined by supply and demand in a competitive market.

Goods and Services

The physical items (goods) and actions or activities (services) that people produce and consume to satisfy their needs and wants.

Willing and Able

Refers to a consumer's readiness and capacity to purchase goods or services at a given price level.

  • Acquire an understanding of the process by which distribution of output is decided in a market economy.
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Logan FabriziusOct 14, 2024
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