The type of economic system the passage describes is a Market economy. Thus the correct answer is B.
A government is referred to as an administrative system which helps in the proper governing of any country by maintaining law and order through implementing laws and rules described in the constitution.
A country's social structures can coordinate and transfer the assets, commodities, and products that are offered with the help of an economic system.
In a market system, demand and supply are the motivating factors behind the manufacturing of services and commodities. It is generally referred to as a "free market economy,"
In a free market economy, goods are purchased and traded and the prices are established by the free economy with the lowest degree of external administrative control.
Therefore, option B market economy is appropriate answer.
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