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Question

An economy in which economic decisions, regarding production in different sectors, the distribution of products and fixation of prices are taken by private entrepreneurs for the purpose of profit along with no control or pressure of the Government is called _____.

A
Capitalistic economy
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B
Socialist economy
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C
Mixed economy
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D
None of these
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Solution

The correct option is A Capitalistic economy

Capitalistic economy is a system of economy in which production of goods and services is owned by private individuals or businesses. In such economy decisions, regarding production in different sectors, the distribution of products and fixation of prices are taken by private entrepreneurs for the purpose of profit along with no control or pressure of the Government.


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