3) A type of economy where decisions
regarding production of goods are taken at
individual level. economic term
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I guess, it's capitalistic economy.
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Capitalistic economy is a system of economy in which production of goods and services is owned by private individuals or businesses. In such economy decisions, regarding production in different sectors, the distribution of products and fixation of prices are taken by private entrepreneurs for the purpose of profit along with no control or pressure of the Government.
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