In a free enterprise economy, resource allocation is determined by - (1) the pattern of consumers' spending (2) the wealth of the entrepreneurs (3) decision of the Government (4) the traditional employment of factors

In a free enterprise economy, resource allocation is determined by - (1) the pattern of consumers' spending (2) the wealth of the entrepreneurs (3) decision of the Government (4) the traditional employment of factors
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(1) the pattern of consumers' spending Explanation: In a free market economy, resources are allocated through the interaction of free and self-directed market forces. This means that what to produce is determined by consumers' capacity to spend. How to produce is determined by producers, and who gets the products depends upon the purchasing power of consumers.
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In a free enterprise economy, resource allocation is determined by (1) the pattern of consumers’ spending (2) the wealth of the entrepreneurs (3) decision of the Government (4) the traditional employment of factors

Description : In a free enterprise economy, resource allocation is determined by (1) the pattern of consumers’ spending (2) the wealth of the entrepreneurs (3) decision of the Government (4) the traditional employment of factors 

Last Answer :  the pattern of consumers’ spending

Consumer's sovereignty means: (1) consumers are free to spend their income as they like. (2) consumers have the power to manage the economy. (3) consumer's expenditures influence the allocation of resources. (4) consumer goods are free from government control,

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In a Laissez-faire economy (1) the customers take all the decisions regarding production of all the commodities (2) the Government does not interfere in the free functioning of demand and supply forces in the market (3) the private-sector takes all the decisions for price-determination of various commodities produced (4) the Government controls the allocation of all the factors of production

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The concept that under a system of free enterprise, it is consumers who decide what goods and services shall be produced and in what quantities is known as (1) Consumer Protection (2) Consumer’s Decision (3) Consumer Preference (4) Consumer’s Sovereignty

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Last Answer : consumer’s sovereignty

A comprehensive spending pattern: A)shows the percentages of annual family expenditures allotted to general classes of goods and services B)indicates the annual amounts spent by families for specific products within a general product class C)shows the annual discretionary income of consumers D)is used to determine the precise buying power of individuals

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Last Answer :  consumers are free to spend their income as they like.

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