Question

d. The Principles of free-market economy (at least five principles):

Answer 1

Principles of free-market economies are
a) demand and supply prevailing in the market regulates the economy
b) in this type of market there is little or no control of the government
c) transactions in this type of market is free of any forced transaction
d) producers are free to decide the quantity to produce, the price which they can charge and also the type of good which they want to produce
e) consumers have no obligation on the purchasing item
f) all of the resources are owned by individuals and they also have the right to allocate these resorces