ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is the free-market economy? The free market is an economic system market-driven that is governed by little or no government intervention. It is a synthesis of all voluntary interactions in a given economic framework.

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

Detailed explanation-3: -A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention. A true free market economy is an economy in which all resources are owned by individuals.

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.