SSC
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Is a system based on free enterprise, in which businesses are privately owned and production and prices are determined by supply and demand.
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Traditional Economy System
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Market Economy System
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Mixed Economy
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Feudalism
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Explanation:
Detailed explanation-1: -A capitalist economy is a free-market economy in which the profit motive motivates all commerce and forces enterprises to work as efficiently to maintain market share. Private individuals own firms in capitalism, and these business owners hire workers in exchange for income or compensation.
Detailed explanation-2: -A free enterprise system is an economic system where a government places very few restrictions on the types of business activities or ownership that citizens want to engage in. This type of system is often called a free market, or capitalist system.
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