1. Type of economic system that individual consumers and businesses interact to solve the economic problems.2. Type of economic system which factors of production and distribution are owned and managed by the state.3. Refers to a set of economic institutions that dominate a given economy with the main objective of solving the basic economic problems. Choice:Anthropology.DemandMarket Equilibrium.Barter.Economic SystemMixed EconomyChange in quantity demandEntrepreneurshipSubstitute Goods.Command EconomyFree Market EconomySupplyComplement Goods.LaborTraditional EconomyProductionConsumptionMarketSubstitute GoodsComplement GoodsSuperior Goods

The statements given in the question represents various economic systems. The term economic system…

Answered: Type of economic system that individual…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 2PA

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1. Type of economic system that individual consumers and businesses interact to solve the economic problems.

2. Type of economic system which factors of production and distribution are owned and managed by the state.

3. Refers to a set of economic institutions that dominate a given economy with the main objective of solving the basic economic problems.

Choice:

Anthropology.	Demand	Market Equilibrium.
Barter.	Economic System	Mixed Economy
Change in quantity demand	Entrepreneurship	Substitute Goods.
Command Economy	Free Market Economy	Supply
Complement Goods.	Labor	Traditional Economy
Production	Consumption	Market
Substitute Goods	Complement Goods	Superior Goods

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

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