_____ Is the Economic System in Which All Factors of Production

question 47

Short Answer

_____ is the economic system in which all factors of production are privately owned and the market operates on supply and demand.

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Definitions:

Planning Phase

An initial stage in various processes where objectives are defined, resources are allocated, and strategies are developed to achieve goals.

Evaluation Phase

The stage in a process or project where the performance, outcomes, or results are assessed against predefined objectives or criteria.

Forecasting

The practice of making predictions about future events or trends based on historical data and analysis.