Advertisements
Advertisements
Question
Which economic system is known as the free market economy?
Options
Socialist
Mixed
Capitalist
Advertisements
Solution
Capitalist
Explanation:
The capitalist economy is called a free market economy because production and prices are determined by demand and supply. Resources are mostly privately owned. Government interference is minimal in this system.
APPEARS IN
RELATED QUESTIONS
Select the correct option and rewrite the sentence.
Environment awareness provides _________ signal.
State whether the following statement is True or False.
There is no need of consideration of the business environment factors in business.
State whether the following statement is True or False.
New economic policy promoted the liberal economic policy.
Compete the sentence.
Indian political system comprises ___________ vital institutions.
Compete the sentence.
Limited involvement of government in public sector refer to _________.
Select the correct Option
Who frames the economic policy of the business?
Answer in one sentence:
What are the powers of legislature?
Answer in one sentence:
When did Indian government launch New Economic Policy?
Answer in one sentence:
How is the boundary less world possible?
Distinguish between the following.
Social Environment and Economic Environment.
Distinguish between the following.
Globalization and Liberalization.
Answer in brief.
State any four features of globalization.
Answer the following.
Explain the new economic policy in details.
What problem did businessmen in Pune face before NEP 1991 when starting a factory?
Which three reforms did the New Economic Policy of 1991 focus on to address India's economic crisis?
What effect did high inflation have on the Indian economy before NEP 1991?
