An Economic System Characterized by Private Ownership of the Factor

question 42

Multiple Choice

An economic system characterized by private ownership of the factor of production and economic activity coordinated through a system of markets and prices is called:

• A) capitalism.
• B) socialism.
• C) communism.
• D) none of the above.

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Definitions:

Economists

Professionals who study the production, distribution, and consumption of goods and services.

Procrastinate

The action of delaying or postponing tasks or decisions, often leading to stress or missed deadlines.

Consistent

Referring to the characteristic of being steady, reliable, and uniform over time.

Over Time

This term refers to the concept of a duration or period extending beyond the usual or expected time, often used in contexts ranging from work hours to the study of change.