HISTORY
THE WORLD TODAY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Authoritarian Rule
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Market Economy
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Command Economy
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Mixed Market Economy
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Detailed explanation-1: -What Is a Free Market? The free market is an economic system based on supply and demand with little or no government control. It is a summary description of all voluntary exchanges that take place in a given economic environment.
Detailed explanation-2: -Market economies are tied to capitalism, an economic system where private entities or people own the means of production. Capitalism needs the forces of supply and demand in the market economy to distribute goods and services and set prices.
Detailed explanation-3: -Many capitalist economies, including the US, are often referred to as free market economies. Business and consumer demand are considered to be the main drivers of these countries’ economic systems.