Which of the following is the guiding economic philosophy of the free enterprise system?
Capitalism is the guiding economic philosophy of the free enterprise system. It is based on private property and free enterprise. Hope this answers the question. Have a
Answer:
Capitalism is the correct answer.
Explanation:
An economic system in which the private individuals or businesses control the modes of production is called capitalism. It is different from the command economy i which the government plays key role in planning the economy. The laissez-faire capitalism is the purest form of capitalism. In laissez-faire capitalism private individuals can decide where to invest money, what to produce and set the price. There are no checks and controls in laissez-faire economy.