Which statement would MOST LIKELY be true in market economy?
A.
Most people enter the same field of employment as their ancestors.
B.
Economic production decisions are made by a small council of experts.
C.
The government provides employment and necessary resources for its people.
D.
Business owners decide what goods to produce and at what price to sell them.
D. Business owners decide what goods to produce and at what price to sell them.
D.
Business owners decide what goods to produce and at what price to sell them.
The most likely true statement in a market economy would be option D: Business owners decide what goods to produce and at what price to sell them.
To understand why, we need to understand what a market economy is. In a market economy, the production and distribution of goods and services are determined by the interactions of market forces, such as supply and demand, without significant government intervention.
Option A, which states that most people enter the same field of employment as their ancestors, is not a defining characteristic of a market economy. While it is possible for certain family traditions or cultural factors to influence career choices, it is not a core aspect of market economies.
Option B, which mentions economic production decisions being made by a small council of experts, is characteristic of a planned or command economy, where the government or central authority controls and plans economic activities. It is the opposite of a market economy.
Option C, suggesting that the government provides employment and necessary resources, describes a system similar to a socialist economy, where the government has a central role in providing employment and resources. It is not a characteristic of a market economy.
Option D, as mentioned earlier, aligns with a market economy. In this system, business owners have the freedom to make decisions regarding production, pricing, and sales based on market forces like competition, supply, and demand.
So, the likely true statement in a market economy would be option D.