Identify and explain the concepts from the given illustrations :
1) The Economic policy which means freedom for economic decision. *
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QuestioN :
The Economic policy which means freedom for economic decision.
ANswer :
Free Market
ExplanatioN :
- The free market is an economic system based on supply and demand with little or no government control.
- It is a summary description of all voluntary exchanges that take place in a given economic environment.
- Free markets are characterized by a spontaneous and decentralized order of arrangements through which individuals make economic decisions.
- Based on its political and legal rules, a country's free market economy may range between very large or entirely black market.
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