Question

I let the private individuals or companies decide what, how, and for whom to produce. I am adopted by Germany, Japan, and the USA.

Who am I?

• A. I am mixed economy.
• B. I am socialist economy.
• C. I am capitalist economy.
• D. I am democratic economy.

Answer 1

The correct option is C I am capitalist economy.

An economic system in which private individuals or companies decide what, how, and for whom to produce is known as a capitalist economy. Here, the ownership and management of land, labour, and capital are in the hands of private individuals. The goal of such an economy is to maximise its profits.