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.
Important Questions from Fundamentals of Economy
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?
