___________ is an economic system in which the means of production and distribution are privately owned and operated for profit. (1 word)

What is an economic system in which production and prices are determined by unrestricted competition between privately owned businesses?ResponsesCommand EconomyCommand EconomyMixed EconomyMixed EconomyCommunist EconomyCommunist EconomyMarket Economy

The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:Group of answer choicescapitalismScratchsocialismScratchcommunismScratchpublic enterpriseScratchlaissez faireScratch

An economic system based on competition in the marketplace and private ownership of the factors of production is known as:Group of answer choicescapitalismScratchutopianismScratchsocialismScratchdemocratic economyScratchprivatization

Name the economic system:...goods and services produced to meet society's needs and wants...factors of production are owned by individuals...law of supply and demand

.An economic system whereby the government controls the means of production and shares the wealth of the nation equally is called  _____________a. Communismb. Capitalism c.c. Socialismd. Oligarchy.