Question

In the nation of Hamsterville most goods, services, and resources are allocated in markets. However, some goods are provided by the government, such as healthcare and education.What kind of economic system does Hamsterville have

Answer 1

On the hamster farm, They are operating under a market economy, where resources, goods, and services are distributed through markets.

What is an economic system?

A society's or a specific geographic area's system of production, resource allocation, and distribution of products and services are known as an economic system or economic order.

In a market economy, private individuals rather than the government own the resources. The majority of products, services, and resources are distributed in marketplaces in the country of Hamsterville. But the government does supply some things, like healthcare and education.

Learn more about  Hamsterville market economy:

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