CAIE IGCSE Economics 2.8.1 Definition of the market economic system
Practise recognising a market economic system by private ownership, demand and supply decisions, and limited government allocation.
- Syllabus
- 2027–2029
- Course
- Economics 0455
Exam points
- identify private ownership of land and capital as a feature of a market economy
- distinguish demand and supply allocation from central planning or government control
2.8.1—Definition of the market economic system question 1
[Maximum number: 1]
How are economic decisions determined in a market economic system?
A
by a mixture of market forces and government intervention
B
by central planners of production and consumption
C
by government regulation of the price mechanism
D
by the forces of demand and supply
D
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