LDC stands for Least Developed Countries. Countries which projects low socioeconomic status are considered to belong to LCs. Thses countries find hard to use their natural resources efficiently because they cannot afford to buy technology to develop their natural resources.
Free market economies allocate resources through demand and supply with minimal government intervention.
private ownership- all factors of production within the economy are owned mainly by private individuals and organizations.
Free enterprise- owners of factors of production and producers of a goods and services a free to produce what they want through the market forces of demand and supply.
Competition- <span>Companies have a competitive drive, thus better quality goods and more variety of products which are at lower prices. (more productively efficient )</span>
