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How is a laissez faire economy different than a command economy?
Wiki User
∙ 11y ago
Laissez-Faire economy is Market economy where you can easily start your business. All control under your hand, but there can be some restrictions by government. Wages,production ,price of product are defined by producer. Equilibrium point easily find it place in Market economy, because seller want to sell all of his outputs in a good price that demanders could buy this product.
In Command economy all control under government's hand,government controls all means of Production. And put thy price on the product. Generally the products are not as qualitative as the product of Market economic. Because Market economics producer wants to make it qualitative to be selled .
Wiki User
∙ 11y ago
Wiki User
∙ 13y agobecause ms.peterson says so
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What is the best description of Laissez-Faire in economics?
Laissez-faire is the idea that the economy should continue without interference from the government. The economy would be self correcting.
Difference between laissez- faire and mercantilism?
laissez-faire has no control by the government, while mercantilism is an economy controlled by the government
With which form of economy is the term laissez faire associated?
Capitalist economy
What is the nickname for laissez faire?
free market economy
What is no government interference in the economy called?
Laissez-faire
What is the best description of Laissez-Faire in economics?
Laissez-faire is the idea that the economy should continue without interference from the government. The economy would be self correcting.
Difference between laissez- faire and mercantilism?
laissez-faire has no control by the government, while mercantilism is an economy controlled by the government
With which form of economy is the term laissez faire associated?
Capitalist economy
What is the nickname for laissez faire?
free market economy
What is no government interference in the economy called?
Laissez-faire
In a socialist economy the government takes a laissez-faire approach to the economy?
False
What are the dangers of laissez faire?
The government connot interfere with economy
What is it called when the government takes a hands off approach to businessess?
A government with a hands off or laissez-faire approach doesn't interfere with the economy and generally stays out of the citizens lives.
What was lassie's fair economics?
The phrase is "laissez faire" which is French and essentially means that the government should not interfere with the free market and let it do what it wants to do. In other words, it is a dog eat dog economy (pun intended).
How did laissez faire economics promote industrialization?
Laissez-faire economics helped the country industrialize. Supporters of Laissez-faire believe that government should not interfere in the economy other than protect property rights and maintain peace.
Under this economic theory the government does not get involved in the economy?
Laissez-Faire
The theory of laissez-faire economics called for the government to do what?
not to interfere with the economy
