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Explain the term Laissez-Faire

The term "laissez-faire" is used to explain an economic system where the government intervene as little as possible and leave the private sector to organise most economic activity by markets. Classical economists were great advocates of a laissez-faire system with minimal government intervention. They believed free markets were the best organisers of economic activity

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9574972

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