Question

When an economic system is characterized by an emphasis on entrepreneurship and free enterprise, we would classify it as a ________ as opposed to a ________, where the government makes the majority of the decisions regarding economic goals.

Answer 1

The missing words in the statement are Market Economy and Command Economy. In the statement, it described the Command Economy as one of the economic systems which the government is dominant in the decision. But it contradicts with the Market Economy, it allows the individuals or firms to make a decision in the economy.