The term used for government's "hands off" approach to the country's free
market system is Laissez faire
What is economic system?
This determine how factors of production and other resources are allocated and utilized in an economy.
The socialist system is where the government control all factors of production with no private intervention.
In free market economy, the factors of productions and the basic economic problems are taken care of by the private individuals, in other words, when government hands off from the country's economic system, it is known as the Laissez faire.
In a mixed economy, both government and private owners make economic decisions side-by-side
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