ENTREPRENEURSHIP

Detailed explanation-1: -Market economies are also called free economies, free markets, or free enterprise systems.

Detailed explanation-2: -What are two other words for market economy? Free Enterprise, Capitalism.

Detailed explanation-3: -There are three main types of economies: free market, command, and mixed. The chart below compares free-market and command economies; mixed economies are a combination of the two. Individuals and businesses make their own economic decisions. The state’s central government makes all of the country’s economic decisions.

Detailed explanation-4: -A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country’s individual citizens and businesses.