The terms free market Economics and capitalism are used relatively interchangeably because both refer to a system where BUSINESS OWNERS make local decisions to produce, sell, and buy various products based on MARKET DEMAND, rather than government demands.
who makes australia's economic decisions
it's called a command economy
Command Economy. :D
Socialism.
the government makes all the decisions, he is a dictator
Consumers and Producers.
who makes australia's economic decisions
it's called a command economy
Command Economy. :D
Socialism.
the government makes all the decisions, he is a dictator
the government makes all the decisions, he is a dictator
The economic decisions of India are made by the Ministry of Finance. The Ministry of Finance makes crucial decisions regarding taxation, import quotas and the formation of economic policies.
Command system is when the government makes decisions or when the economic decision is taken by the central body. This type of system contrasts the market economy.
the president...
2012
The type of system where the government makes no economic decisions is known as a free-market economy. In this system, economic decisions are driven by individual choices and market forces, such as supply and demand. Businesses and consumers operate with minimal government intervention, allowing for competition and innovation. This approach promotes efficiency and consumer choice but can also lead to inequalities and market failures.