Select the most appropriate word from the options for the given definition.

"An economic system based on supply and demand with little or no government interference or control".

Mixed economy

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Regulated market

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Socialist market

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Free market

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Solution

The correct option is D Free market
The free market is an economic system based on supply and demand with little or no government control. When P.V. Narasimha Rao came to power in 1991, he initiated many changes in the Indian economy. He began efforts to restructure India’s economy by converting the structure left by earlier Prime Ministers into a free-market system.

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Similar questions

Q25. Which of the following statements are correct?

1. A mixed economy refers to market economy with strong regulatory oversight and governmental provision of public goods.

2. A socialist economic system is characterized by social ownership and democratic control of the means of production.

3. Capitalism is an economic system in which capital goods are owned by private individuals.

4. Marxian economics provided a foundation for capitalism.

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