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Identify and explain the concepts from the given illustrations:Ramesh decided to take all decisions related to production, such as what and how to produce? |
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Answer» Concept : Free market economy. Explanation : A free market economy is that economy where the economic decisions regarding production of goods are taken at individual level. Eg : What to produce? How much to produce? How to produce? etc. decisions are taken by producers. With the help of free market economy Ramesh has taken decision related to production such as What to produce? and How to produce? |
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