USA HISTORY

THE VIRGINIA DYNASTY 1801 1825

AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
An economic system in which people freely choose what to buy, what to make and where to work is called ____
A
Socialism
B
Communism
C
Traditional Economy
D
Free Enterprise
Explanation: 

Detailed explanation-1: -Free enterprise, or the free market, refers to an economy where the market determines prices, products, and services rather than the government. Businesses and services are free of government control.

Detailed explanation-2: -C: A market economy uses a free-enterprise system. This is often referred to as a free market or capitalism.

Detailed explanation-3: -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-4: -A capitalist economy is a type of free market economy; the profit motive drives all commerce and forces businesses to operate as efficiently as possible to avoid losing market share to competitors.

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