ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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primary activity based systems
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free market based systems
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subsistence based systems
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barter systems
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Detailed explanation-1: -free market, an unregulated system of economic exchange, in which taxes, quality controls, quotas, tariffs, and other forms of centralized economic interventions by government either do not exist or are minimal.
Detailed explanation-2: -Singapore’s economy is considered the freest, followed by Switzerland and Ireland, according to the Heritage Foundation’s 2022 Index of Economic Freedom. The United States ranks just 25th on the list. Venezuela and North Korea ranked last in terms of economic freedom in 2022.
Detailed explanation-3: -#1 Singapore Read More About SingaporeSingapore’s economic freedom score is 83.9, making its economy the world’s freest in the 2023 Index. Its score is about the same as last year.
Detailed explanation-4: -A free enterprise legal system tends to result in capitalism. A free enterprise aims to increase freedom, market efficiency, consumer rights, financial security and stability, and economic opportunities.