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Question
Identify and explain the concept from the given illustration:
Ramesh decided to take all decisions related to production, such as what and how to produce?
Solution
Concept: Free market Economy
Explanation:
A free market economy is where economic decisions regarding the production of goods, such as 'What to produce? How much to produce? How to produce?' are taken at individual levels. There is no intervention by the government or any other agency while making decisions regarding production.
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