ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Command
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Market
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Mixed
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Detailed explanation-1: -A free market is one where voluntary exchange and the laws of supply and demand provide the sole basis for the economic system, without government intervention.
Detailed explanation-2: -Answer and Explanation: An Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets is best referred to as a market economy.
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: -In a market economy, most economic decision making is done through voluntary transactions according to the laws of supply and demand.
Detailed explanation-5: -Product Market – The market in which households purchase the goods and services that firms produce.