GK
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional Economy System
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Market Economy System
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Mixed Economy
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Feudalism
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Detailed explanation-1: -A capitalist economy is a free-market economy in which the profit motive motivates all commerce and forces enterprises to work as efficiently to maintain market share. Private individuals own firms in capitalism, and these business owners hire workers in exchange for income or compensation.
Detailed explanation-2: -What Is a Free Market? The free market is an economic system based on supply and demand with little or no government control. It is a summary description of all voluntary exchanges that take place in a given economic environment.
Detailed explanation-3: -Private property, economic freedom, economic incentives, competitive markets, and the limited role of government are the characteristics of a free enterprise system. Private property: Private property means that individuals can own and make decisions about the use or sale of land, personal property, and other assets.