Under which economic system is an individual's societal position primarily determined by their position in the economic market?

• A. Mixed economy
• B. Command economy
• C. Market economy
• D. Traditional economy

Answer: (C)

Verified step by step guidance

1. Understand the key characteristics of each economic system listed: Mixed economy, Command economy, Market economy, and Traditional economy.
2. Recall that in a Market economy, individuals' societal positions are largely determined by their economic activities, such as ownership of resources, entrepreneurship, and participation in markets.
3. Recognize that in a Command economy, the government centrally plans and controls economic activities, so societal position is often assigned by the state rather than market forces.
4. Note that in a Traditional economy, societal roles and positions are typically based on customs, traditions, and inherited status rather than economic market participation.
5. Identify that a Mixed economy combines elements of market and command economies, so societal position is influenced by both market forces and government intervention, but not primarily by the market alone.