SSC
WORLD GEOGRAPHY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Based on free enterprise, in which businesses are privately owned and production and prices are determined by supply and demand?
|
|
Market Economy
|
|
|
Traditional Economy
|
|
|
Mixed Economy
|
|
|
Command Economy
|
Explanation:
Detailed explanation-1: -Free enterprise, or the free market, refers to an economy where the market determines prices, products, and services rather than the government. Businesses and services are free of government control.
Detailed explanation-2: -In a free market, the forces of demand and supply determine the prices. The Government does not interfere in the determination of the prices. However, in some cases, the Government may intervene in determining the prices. For example, the Government has fixed the minimum selling price for the wheat.
There is 1 question to complete.