Question : 'Hire' and 'Fire' is the policy of:
Option 1: capitalism
Option 2: socialism
Option 3: mixed economy
Option 4: traditional economy
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Correct Answer: capitalism
Solution : The correct option is capitalism .
A capitalist economy follows the "hire to fire" premise. Unlike in a mixed economy, the government preserves workers' jobs, lowering employee turnover.
Employers can recruit and dismiss workers based on their business requirements, a key feature of capitalist economies. In a capitalist economy, the government often does not interfere with the labour market, allowing supply and demand to determine how to secure jobs for people.
Socialism and mixed-economy systems usually offer stronger job protections and regulate dismissal policies to some degree, whereas, in capitalism, employers can hire and fire freely based on the requirements.
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