A market is a situation where the organised ____ of goods and services take place between buyers and sellers. The ____ system of a country is used to answer the three important economic questions: What to produce; how to produce; and for whom to produce?Australia’s economy is largely a ____ economy. The three economic questions are answered by the market through the laws of ____ and ____ . The market system allows ____ to communicate their spending preferences to ____. ____ are only used to make things that people will buy and are ____ . Goods are sold by producers at the ____ possible price that consumers will pay.

Market Economy

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