ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Limited role of government
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Private Property
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Freedom of choice
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Total government control
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Detailed explanation-1: -People often use the terms free enterprise, free market, or capitalism to describe the economic system of the United States. A free enterprise economy has five important characteristics. They are: economic freedom, voluntary (willing) exchange, private property rights, the profit motive, and competition.
Detailed explanation-2: -The U.S. has a mixed economy, exhibiting characteristics of both capitalism and socialism. Such a mixed economy embraces the free market when it comes to capital use, but it also allows for government intervention for the public good.
Detailed explanation-3: -A command economy is an economic system where the government has control over the production and pricing of goods and services.
Detailed explanation-4: -Thus, collective ownership is not possible in a capitalist economy.