The term "laissez-faire" suggests that

A) land and other natural resources should be privately owned, but capital should be publicly owned.
B) land and other natural resources should be publicly owned, but capital should be privately owned.
C) government should not interfere with the operation of the economy.
D) government action is absolutely necessary if the economy is to achieve full employment and full production.

Laissez-Faire

Laissez-faire is an economic philosophy advocating for minimal government intervention in the market, with transactions between private parties being free from tariffs, subsidies, and enforced monopolies.

Government Interference

Actions by the government that affect the market, often with the intention of correcting market failures or achieving a social objective.

Full Employment

A situation where all available labor resources are being utilized in the most economically efficient way, with no involuntary unemployment.