Question

c) Mention the importance of free economic system?​

Answer 1

Answer:

It can help improve living standards and make society a better place. Economics is like science in that it can be used to improve living standards and also to make things worse.

Answer 2

Answer:

Free economies exist because a significant portion of resources are owned by individuals or companies in the private sector and not a central government agency. In this way, the owners exercise total control over the means of production, allocation, and exchange of products. They also control the labor supply.

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