ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Types of Economic Systems
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Characteristics of a Free Enterprise Economy
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Structure of a Socialist Economic System
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Cottage Industries
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Detailed explanation-1: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.
Detailed explanation-2: -(I 1 freedom of choice; (2) private property rights; (3) profit motive of owners; and (4) owner control.
Detailed explanation-3: -The U.S. economic system of free enterprise has five main principles: the freedom for individuals to choose businesses, the right to private property, profits as an incentive, competition, and consumer sovereignty.
Detailed explanation-4: -A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention. A true free market economy is an economy in which all resources are owned by individuals.