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Question
This economic and political system is dominated by private enterprises. The factors of production are owned by private individuals or firms. This system believes in a free-market economy and encourages ownership of private property and creation of wealth. Identify this system.
This economic and political system is dominated by private enterprises. The factors of production are owned by private individuals or firms. This system believes in a free-market economy and encourages ownership of private property and creation of wealth. Identify this system.
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Solution
The correct option is C Capitalism
Capitalism is an economic and a political system in which the factors of production are owned by private individuals or firms. The sole desire to earn a profit presides over their decisions. Capitalism supports a free-market economy that encourages ownership of private property and wealth creation. Majority of countries in the world are capitalistic in nature with welfare policies that aim to achieve socialistic principles of economic, social, and political equality.
Capitalism is an economic and a political system in which the factors of production are owned by private individuals or firms. The sole desire to earn a profit presides over their decisions. Capitalism supports a free-market economy that encourages ownership of private property and wealth creation. Majority of countries in the world are capitalistic in nature with welfare policies that aim to achieve socialistic principles of economic, social, and political equality.
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