An economic system in which private business operates in competition and largely free of state control is called a free enterprise or market economy. Which of the following countries are the farthest away from this type of economy?

WORLD GEOGRAPHY

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	United States
B	England
C	France
D	North Korea

Explanation:

Detailed explanation-1: -Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange, and wage labor.

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 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.

There is 1 question to complete.

GENERAL KNOWLEDGE

GK

WORLD GEOGRAPHY