The meaning of _______ is freedom for economic decisions, which means that all the producers, owners and consumers of factors of production are free to take their decisions to promote their self-interest.
economic liberalisation
The correct answer is option 3. Economic liberalisation refers to the process of reducing state intervention in the economy and allowing greater freedom for businesses and consumers in making economic decisions. It promotes free market operations and competition. The other options, such as privatisation, globalisation, and corporatisation, are related concepts but do not specifically address the freedom of economic decisions as described in the question.
Similar Questions
The problem of choice arises on account of the pressure of three interrelated facts, viz, human wants are unlimited, means required to satisfy these wants are limited and ____.
"What to produce?" is a basic problem faced by an economy under which of the following central problems?
In which type of economy social justice is accorded higher priority than profit maximization?
Which industry is also known as basic industry?
Which of the following industry is NOT reserved for the public sector after New Economic Policy of 1991?
Important Questions from Fundamentals of Economy
- Which of the following statements is NOT correct regarding India after its adoption of new economic reforms in 1991?
- India initiated structural reforms in 1991 to address a severe balance of payments crisis. Which global institution played a key role in supporting India's 1991 reforms?
- Which sectors were emphasised in the Eighth Five-Year Plan for employment generation?
Which of the following best describes the public sector's role in the Indian economy during 1947-1991?
- Privatisation aims to improve ________ in public enterprises.
