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22 July, 00:59

When there is no government involvement in answering the three basic economic questions this is which economy?

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0

Command

Market

Mixed

O

Traditional

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  1. 22 July, 01:16
    0
    When there is no government involvement in answering the three basic economic questions this is Market Economy.

    Market

    Explanation:

    When there is no government interventions in the market system or economy then it is known as Market Economy or Lassez faire.

    Here the firms and household determine who sells the goods and who buys it and everything is carried out according to them and there is no government intervention like that of the command economy.

    There is a lot of profit for the businessman as the consumers pay as high the price as they want to and no amount is given to the government.
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