What is the main characteristic of a laissez faire economy

Asked by admin @ in Business Studies viewed by 265 People

What is the main characteristic of a laissez-faire economy?

A.a highly active government
B.a lack of regulations
C.an economy protected by organizations
D.high taxes on businesses

Answered by admin @


Answer:

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Explanation:

A laissez faire economy is one in which there is no government regulation of the economy.

A laissez faire economy is one in which there is no government regulation of the economy. Laissez faire economics is an idea based on the writings of Adam Smith, a famous economist who wrote the book Wealth of Nations. In this book, Smith argued that government interference with the economy had a negative overall impact on producers and consumers. Instead, Smith advocated for laissez faire economics.

A laissez faire economy is one in which there is no government regulation of the economy. Laissez faire economics is an idea based on the writings of Adam Smith, a famous economist who wrote the book Wealth of Nations. In this book, Smith argued that government interference with the economy had a negative overall impact on producers and consumers. Instead, Smith advocated for laissez faire economics. In this laissez faire system, the competition between businesses for customers would result in business owners making the best decisions possible for the consumers. This is due to the fact that businesses cannot survive if they do not work to provide valuable services to citizens at a fair price.

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