QUESTION IMAGE
Question
the policy of reducing or eliminating barriers like tariffs and quotas to allow for the free flow of goods and services between countries is known as
.
the economic philosophy advocating minimal government intervention in economic affairs, influential during the 19th century, is called
.
the system of production in which goods are created by individual artisans or small groups of workers in their homes, prevalent before the industrial revolution, is referred to as the
.
Brief Explanations
- The described policy focuses on removing cross-border trade barriers to enable unrestricted movement of goods and services, which is the core definition of this term.
- This 19th-century economic philosophy centers on limiting government involvement in the economy, letting market forces operate freely.
- This pre-Industrial Revolution production system involved workers creating goods in domestic settings rather than factories.
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- Free trade
- Laissez-faire
- Domestic system (or putting-out system)