SSC
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bob has to ask permission to open a shoe store.
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Bob is told where to open his shoe store.
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Bob is told how much to charge his shoes.
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Bob can open a shoe store where he wants and for the price that he wants.
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Detailed explanation-1: -If an economy has both capitalism and free markets, we say that the economy is based on free enterprise. Under free enterprise, resources are privately owned. Competition is allowed with a minimum (least amount) of government controls.
Detailed explanation-2: -In a capitalist economy, capital assets-such as factories, mines, and railroads-can be privately owned and controlled, labor is purchased for money wages, capital gains accrue to private owners, and prices allocate capital and labor between competing uses (see “Supply and Demand”).
Detailed explanation-3: -The United States is often seen as having a democratic capitalist political-economic system. Democratic capitalism, also known as capitalist democracy, is a political, economic, and social system and ideology based on a tripartite arrangement of a market-based economy that is based predominantly on a democratic polity.