Capitalism Is an Economic System Characterized by Public Ownership of the Means

question 15

True/False

Capitalism is an economic system characterized by public ownership of the means of production,the pursuit of collective goals,and centralized decision making.

---

Definitions:

Equilibrium Level

The state in which market supply and demand balance each other, resulting in stable prices and quantities.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified time period.

Quantity Supplied

The quantity of a product or service that sellers are ready and capable of offering for sale at a specific price during a certain timeframe.

Product Market

The marketplace in which final goods or services are offered to consumers, businesses, and the public sector.