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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?
Verified Answer
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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