Market or capitalist economic systems are all of the following EXCEPT this: stre
ID: 3448883 • Letter: M
Question
Market or capitalist economic systems are all of the following EXCEPT this:
stress individual planning and private ownership of property
allow free competition to reward the efficient and the innovators with profits
government controls production and distribution
driven by the balance of supply and demand
a.stress individual planning and private ownership of property
b.allow free competition to reward the efficient and the innovators with profits
c.government controls production and distribution
d.driven by the balance of supply and demand
Explanation / Answer
The correct answer is option C. Capitalism is an economic system based upon private ownership of the means of production and their operation for profit. Characteristics of capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets.
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