Question Details

Detailed explanation and options for the selected question.

What is the main feature of a free-market economy?

A. Government control over resources
B. Decentralized decision-making by individuals
C. High taxes to support welfare programs
D. Centralized planning of economic activities

Explanation:

In a free-market economy, individuals and businesses make decisions independently. Centralized planning and government control are features of other economic systems.

Related Topics

Tourism-Led Growth Strategies

Revision Notes

Role of Innovation, Sustainability, and Global Integration

Revision Notes

Semiconductor Manufacturing Initiative

Revision Notes

Women and the Indian Economy

Revision Notes

Social Impact Bonds and Innovative Financing

Revision Notes

Micro-Irrigation and Water Management

Revision Notes

External Sector Overview

Revision Notes

Informal Sector Challenges and Formalization

Revision Notes

Rural Industrialization and Cluster Development

Revision Notes

Agricultural Marketing and Supply Chain

Revision Notes