Economy, asked by juarezemily6, 1 year ago

Which economic system is defined by a free market and private ownership?

Answers

Answered by akshaya2821
17
it is capitalism, a system in which a country's trade and industry are controlled by private owners.
Answered by bratislava
5

The economic system defined by a free market and private ownership.

Explanation:

  • The capitalism is an economic system that is based on the private ownership and the means of the production and their operation for the profits and may also include the private property, voluntary exchange, wage labour and decision making and the investments are made by the owner of the property.
  • Capitalism is characterized by the capital accumulation and commodity production and has a hog level of the wage labour and investment of money to make a profit. Uses the price mechanism to allocate the resources and uses the factor of production for the raw materials.
  • There are characterized by a free market and is used with minimum or no regulations over the pricing mechanism and they continued to play the dominant role.

Learn more about the economic system is defined by a free market and private ownership.

  • brainly.in/question/1392086 answered by Akshaya2821.
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