Question

Despite a severely low amount of natural resources, Japan has a thriving economy. This is largely due to the freedom Japan's economy has had to explore and develop new technology. Such freedom is found in which type of economic system? A) Command B) Market C) Socialist D) Traditional

Answer 1

The answer would be B.. Market

Market Economic system is an economy in which The decisions regarding any economic activity are based on market's supply and demand.

Unlike in command economic system where the government will tell their citizens exactly what to produce and what to sell, Market Economic system provided a free environment for the citizen to do whatever they want.

NB : Japan's industrialized free market economy is the second largest in the world