What type of economy is an economic system in which private businesses can operate freely with minimal state control?
Answers
Private businesses can operate market economy or capital economy with minimal state control.
Capital economy is an economic system where capital goods are owned by private companies.
The production and demand is depending on the general market and this market is known as market economy.
This business is run through the planned economy ore command economy.
The private business can operate freely with minimal state control in the market economy.
Explanation:
- In the market economy, the process of decision making takes place in the markets.
- There are private enterprises in the market economy and all the products and resources are owned by private companies.
- They supply the goods and services according to the demand of the markets.
- The law of demand and supply are used for the production of goods and services.
- The supply factor consists of the resources, labour, capital and more.
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