identify and explain the concept from the given illustration
Ramesh decided to take all decisions related to production such as what and how to produce?
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Explanation:
In an small scale industry ramesh took the head department by choosing all decision like what to produce at this time and how to produce and how much wages to be given to all so ramesh might be head of the industry or owner of industry or it might be an agricultural land also
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Concept : Free Market economy
Explanation:
A free showcase economy is that economy where the financial choices with respect to generation of products are taken at personal level.
Eg: what to create? How to create? How much create ? etc. choices are taken by makers . With the assistance of free showcase economy Ramesh has taken choice related to generation such as what to create? and How to produce ?
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