ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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command economy
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market economy
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mixed economy
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traditional
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Detailed explanation-1: -A market economy, also widely known as a “free market economy, ” is one in which goods are bought and sold and prices are determined by the free market, with a minimum of external government control. A market economy is the basis of the capitalist system.
Detailed explanation-2: -capitalism, also called free market economy or free enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately owned and production is guided and income distributed largely through the operation of markets.
Detailed explanation-3: -Another term for a capitalist system is a. Market economy. According to Adam Smith, Government should not interfere in the marketplace.