ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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market
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mixed
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command
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traditional
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Detailed explanation-1: -The free market is an economic system based on supply and demand with little or no government control.
Detailed explanation-2: -A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention.
Detailed explanation-3: -What Is a Simple Definition of a Free Market Economy? A free market economy is one without government intervention or regulation. In a purely free market, buyers and sellers arrive at prices based only on supply and demand.
Detailed explanation-4: -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.
Detailed explanation-5: -A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.