INDUSTRIAL REVOLUTION
INDUSTRIAL REVOLUTION AND ITS IMPACT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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prices based on supply and demand
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production quotas established by the central government
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distribution of goods determined by the customs of a traditional society
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some goods exchanged for other goods of equal value
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Detailed explanation-1: -A laissez-faire economy is thus characterized by the free movement of forces of supply and demand, free from any form of intervention by a government, a price-setting monopoly, or any other authority.
Detailed explanation-2: -Answer and Explanation: A laissez-faire economy is based on the characteristic of lack of regulations. This economy works on the principle of working without government laws and intervention in decision-making.
Detailed explanation-3: -Laissez-faire leaders have an attitude of trust and reliance on their employees. They don’t micromanage or get too involved, they don’t give too much instruction or guidance. Instead laissez-faire leaders let their employees use their creativity, resources, and experience to help them meet their goals.
Detailed explanation-4: -Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention. The theory of laissez-faire was developed by the French Physiocrats during the 18th century.