SETTLING NORTH AMERICA 1497 1732
FOUNDING OF THE NEW ENGLAND COLONIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The government controls which goods to buy and which services to offer.
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The king controls all goods and services.
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People are free to choose which goods to offer or buy and which services to offer or use.
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All goods and services are free.
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Detailed explanation-1: -A market is free if people can buy and sell whatever they want without any interference from a government, and if prices are set by supply and demand. Supply is how much of a product (both goods like Pringles and services like open-heart surgery) is being sold.
Detailed explanation-2: -What Is a Simple Definition of a Free Market Economy? A free market economy is one without government intervention or regulation. In a purely free market, buyers and sellers arrive at prices based only on supply and demand.
Detailed explanation-3: -At each step of the way, terms of exchanges, or prices, are determined by the voluntary interactions of suppliers and demanders. This market is “free” because choices, at each step, are made freely and voluntarily. The free market and the free price system make goods from around the world available to consumers.
Detailed explanation-4: -Entrepreneurs are free to produce goods and services and sell them at a price they choose. Sellers are free to sell in markets of their choice. Consumers are free to buy any goods and services they choose. Workers are free to work wherever they choose.
Detailed explanation-5: -Rankings of economic freedom vary depending on who is doing the ranking, but some economies generally considered free-market include: Hong Kong, Singapore, New Zealand, Australia, Switzerland, the United Kingdom, Canada, and Ireland.