GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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limited
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government
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private
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monopolistic
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Detailed explanation-1: -In a market economy, almost everything is owned by individuals and private businesses-not by the government. Natural and capital resources like equipment and buildings are not government-owned. The goods and services produced in the economy are privately owned.
Detailed explanation-2: -As an economic system, private enterprise is characterized by competition, open markets, private ownership, and private initiative. Producers take production initiative on the basis of price and profit-and-loss signals essentially given by consumers.
Detailed explanation-3: -Capitalism is an economic system characterized by private ownership of the means of production, especially in the industrial sector, with labor paid only wages.