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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