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In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which firms to work for and what to buy with their incomes. Both a and b are correct. (c) a central planner makes decisions about production and consumption.

In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which firms to work for and what to buy with their incomes. Both a and b are correct. (c) a central planner makes decisions about production and consumption.

Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter1: What Is Economics
Section1.3: What Do Economists Do?
Problem 1R
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In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which firms to work for and what to buy with their incomes. Both a and b are correct. (c) a central planner makes decisions about production and consumption.
Transcribed Image Text:In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which firms to work for and what to buy with their incomes. Both a and b are correct. (c) a central planner makes decisions about production and consumption.
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