Question

What is the main characteristic of a laissez-faire economy?

A.a highly active government

B.a lack of regulations

C.an economy protected by organizations

D.high taxes on businesses

Answer 1

Answer:

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Explanation:

A laissez faire economy is one in which there is no government regulation of the economy.

A laissez faire economy is one in which there is no government regulation of the economy. Laissez faire economics is an idea based on the writings of Adam Smith, a famous economist who wrote the book Wealth of Nations. In this book, Smith argued that government interference with the economy had a negative overall impact on producers and consumers. Instead, Smith advocated for laissez faire economics.

A laissez faire economy is one in which there is no government regulation of the economy. Laissez faire economics is an idea based on the writings of Adam Smith, a famous economist who wrote the book Wealth of Nations. In this book, Smith argued that government interference with the economy had a negative overall impact on producers and consumers. Instead, Smith advocated for laissez faire economics. In this laissez faire system, the competition between businesses for customers would result in business owners making the best decisions possible for the consumers. This is due to the fact that businesses cannot survive if they do not work to provide valuable services to citizens at a fair price.

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Answer 2

The main characteristics of Lassiez faire economy is a lack of regulation.

What is lassiez faire economy?

In the economics term, Lassiez faire is a situation which denoted that there must be no intervention of Government in the economy. It totally depends upon the economy how it works.

The concept emerged with the arrival of Classical Economists in the 18th Century.

Characteristics of Lassiez Faire economy are:-

• No Government interference- In this type of economic situation, the market factors run on their own without the Governmnet taking any measures to control it.

• No Protection by the Organizations- This can be considered as fully free economy without any control of organization or legitimate powers. The level of protection or the duties and taxes is less and not restricting the trade activities.

• No high tax imposition- The liberal idea of Lassiez faire does not charges high taxes from the producers and consumers. The imposition of taxes are minimalistic and thus prevent the Government to play the decisive role.

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