Question

An economic system where private individuals or companies decide what, how, and for whom to produce is known as a .

• A. socialist economy
• B. capitalist economy
• C. mixed economy
• D. welfare economy

Answer 1

The correct option is B capitalist economy

An economy in which the ownership and management of the means of production are in the hands of private individuals is known as a capitalist economy. The goal of such an economy is to maximise its profits.