Verified Answer :

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Final answer:

A free market economy is characterized by private ownership of resources and decision-making based on self-interest, contrasting with a command economy.


Explanation:

Free market economy, also known as capitalism or free enterprise, is a system where individuals own resources and make decisions based on self-interest. Government interference is limited, and competition helps regulate prices. It contrasts with a command economy, where the government controls resources and production decisions.


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