GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The ____ system is another name for a market economy.
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economic incentive
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freedom of choice
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free enterprise
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private property
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Explanation:
Detailed explanation-1: -A free enterprise system is an economic system where a government places very few restrictions on the types of business activities or ownership in which citizens participate. This type of system is often referred to by others as a free market, or capitalism.
Detailed explanation-2: -Capitalist economy is the suitable other name for market economy because in the capitalist kind of economics, the price is determined by the market forces i.e. by the market forces of demand and supply and no government intervention exists.
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