“The economy of Lithuania shall be based on the right of private ownership, freedom of individual economic activity, and economic initiative. The State shall support economic efforts and initiative that are useful to society. The State shall regulate economic activity so that it serves the general welfare of the Nation. The law shall prohibit the monopolisation of production and the market, and shall protect freedom of fair competition. The State shall defend the interests of the consumer.”
Lithuania's economy rests on private ownership, freedom of individual economic activity and initiative. The State supports economic efforts useful to society and regulates economic activity so that it serves the general welfare of the Nation. The law prohibits monopolising production and the market, protects fair competition, and the State defends consumer interests.
Anyone may set up a company or work as a self-employed person, while the State watches that no monopolies form on the market and that sellers do not mislead buyers.
Memorise the three foundations of the economy (private ownership, freedom of economic activity, initiative) and that monopolising production and the market is prohibited by law.
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