ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Freedom of choice describes an individual’s opportunity and autonomy to perform an action selected from at least two available options, unconstrained by external parties.

Detailed explanation-2: -Freedom of enterprise means that entrepreneurs and businesses have the freedom to obtain and use resources, to produce products of their choice, and to sell these products in the markets of their choice.

Detailed explanation-3: -Market-based systems allow for more individual freedom and thus, less government control.

Detailed explanation-4: -Individuals and societies are forced to make choices because most resources are scarce. Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions.