A pure market economy is sometimes called pure command economy.
socialism.
communism.
capitalism

capitalism.

Explanation:

An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.

Basically, there are four (4) main types of economy and these are;

I. Mixed economy.

II. Command economy.

III. Traditional economy.

IV. Pure capitalism economy.

Pure capitalism also referred to as free-enterprise system or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a pure capitalism is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.

Simply stated, a pure capitalism is a type of economy that is completely driven by demand and supply of goods and services.

Some of the characteristics of a pure capitalism are;

I. Citizens have rights to the ownership and use of private property.

II. The consumers are free to make their economic choices or decisions such as deciding on which product to buy, which goods interest them, where to shop for goods, etc.

III. The producers are free to make their economic choices or decisions such as deciding on how much is to be charged on a product.

Hence, a pure market economy is sometimes called pure capitalism.

In conclusion, businesses operating in a pure capitalism economy have the freedom to operate for a profit with little or no government intervention.

capitalism.

Explanation:

A pure market economy is sometimes called pure capitalism.

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