Asked by
Dylan Loftis
on Oct 13, 2024
Verified
The central institution through which a laissez-faire system answers the basic economic questions is the
A) tribal council.
B) market.
C) government.
D) central planning body.
Laissez-faire System
A laissez-faire system is an economic principle advocating minimal government intervention in the operations of free markets and the economic decisions of individuals and businesses.
Market
A market is a platform or environment where buyers and sellers come together to facilitate the exchange of goods, services, or information.
- Absorb the rudimentary principles and theoretical underpinnings in economics, highlighting the aspects of markets, competition, and the impact of government interventions.
- Distinguish between different forms of economic systems and their approach to resource allocation and production.
Verified Answer
JP
Learning Objectives
- Absorb the rudimentary principles and theoretical underpinnings in economics, highlighting the aspects of markets, competition, and the impact of government interventions.
- Distinguish between different forms of economic systems and their approach to resource allocation and production.