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The freedom of private enterprise is the greatest in the free market economy. This is characterized by which of the following assumptions ? (2 marks)
(i) The factors of production (labour, land, capital) are privately owned and production occurs at the initiative of the private enterprise.
(ii) Income is received in monetary form by the sale of services of the factors of production and from the profits of the private enterprise.
(iii) Members of the free market economy have freedom of choice in so far as consumption, occupation, savings and investments are concerned.
(iv) The free market economy is not planned, controlled or regulated by the government.
(v) The free market economy is prone to corrupt practices.
(i), (ii) and (iii)
(i), (ii), (iii) and (iv)
(i), (ii), (iii), (iv) and (v)
(ii), (iii), (iv) and (v)
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