ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The free market is an economic system based on supply and demand with little or no government control.

Detailed explanation-2: -In free markets, also called laissez-faire economies, markets operate with little or no regulation.

Detailed explanation-3: -A market economic system or capitalist economy involves very less government interference and incorporates the principles of the free market. There is a scant exercise of control over resources. Market forces regulate demand and supply.

Detailed explanation-4: -Mixed economy: Market-based economy where government plays a limited role. This is the United States.

Detailed explanation-5: -People in the economy search for ways to get around government restrictions. The command economy is unlike a free-market or capitalist economy. In a free-market economic system, manufacturing and production are based on the powers of supply and demand with little or no government intervention.