ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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extensive government planning
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excessive taxation
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traditional farming methods
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limited government regulations
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Detailed explanation-1: -A system in which economic decisions. about production and price are made. by producers and consumers, involving. little government intervention.
Detailed explanation-2: -There is a role for government in a market economy. Government provides certain goods and services. These services are paid for by taxes, and include such things as providing for the national defense, protecting the environment, and protecting property rights.
Detailed explanation-3: -Entrepreneurs are free to produce goods and services and sell them at a price they choose. Sellers are free to sell in markets of their choice. Consumers are free to buy any goods and services they choose. Workers are free to work wherever they choose.
Detailed explanation-4: -The main characteristic of a market economy is that individuals own most of the land, labor, and capital. In other economic structures, the government or rulers own the resources.