A free market economy is one in which resources are primarily owned and controlled by the private sector.

Question

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In a free market economy, the private sector owns and controls the resources rather than the government. This means that individuals and businesses have the freedom to produce and consume goods and services based on their own decisions and the market demand. There is minimal government intervention or regulation in the economy, allowing for competition and innovation to thrive.

A Free Market Economy Is One in Which Resources Are