The term Laissez Faire is mainly associated with which among the following?a)Capitalist Economyb)Socialist Economyc)Mixed Economyd)It is not related to economyCorrect answer is option 'A'. Can you explain this answer?

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The term 'Laissez Faire' is mainly associated with which among the following?

a)
Capitalist Economy
b)
Socialist Economy
c)
Mixed Economy
d)
It is not related to economy

Correct answer is option 'A'. Can you explain this answer?

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The term 'Laissez Faire' is mainly associated with which among...

The term ' Laissez Faire' is used in order to denote the capitalist type of economy.
It means that the economy is market-based and there is no role of the government in this kind of economy.
In case of a socialist economy, all the means of production and distribution are controlled by the government.
In the mixed economy, there are characteristics of both the capitalist economy and the socialist economy.
India is an example of mixed economy whereas US and China are the examples of capitalist and socialist economies respectively.

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The term 'Laissez Faire' is mainly associated with which among the following?a)Capitalist Economyb)Socialist Economyc)Mixed Economyd)It is not related to economyCorrect answer is option 'A'. Can you explain this answer?

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