SSC
WORLD GEOGRAPHY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Is a system in which factors of production are privately owned.
|
|
Traditional Economy System
|
|
|
Market Economy System
|
|
|
Free Enterprise
|
|
|
Capitalism
|
Explanation:
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. The essential feature of capitalism is the motive to make a profit.
Detailed explanation-2: -Key Takeaways. The private sector consists of all privately owner, for-profit businesses in the economy. The private sector tends to make up a larger share of the economy in free market, capitalist based societies.
Detailed explanation-3: -These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism.
There is 1 question to complete.