ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Rankings of economic freedom vary depending on who is doing the ranking, but some economies generally considered free-market include: Hong Kong, Singapore, New Zealand, Australia, Switzerland, the United Kingdom, Canada, and Ireland.

Detailed explanation-2: -A free market economy is one where supply and demand regulate production and labor as opposed to government intervention. Most countries’ economies contain elements of both free market and command economies.

Detailed explanation-3: -One of the most important characteristics of a market economy, also called a free enterprise economy, is the role of a limited government. Most economic decisions are made by buyers and sellers, not the government.

Detailed explanation-4: -A free market is an economic system in which private business owners get complete control over production, allocation, consumption, pricing, labor supply, and the purchase and sale of products and services without any governmental interference.