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

An economic system where people produce enough for their own needs and money is not used, is a?

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

Question 16Points: 1Which economic system is characterized by private ownership of resources and the pursuit of individual self-interest in the marketplace?A.SocialismB.CapitalismC.CommunismD.Mixed EconomyQuestion 17Points: 1When there is an excess supply of a product in an unregulated market, the tendency is forA.quantity supplied to increase.B.price to decreaseC.price to rise.D.quantity demanded to decrease.Question 18Points: 1According to the law of supply, there is aA.negative relationship between price and the quantity of a good supplied.B.positive relationship between price and the quantity of a good supplied.C.negative relationship between price and the change in supply.D.positive relationship between price and the change in supply.Question 19Points: 1Why do firms engage in the activity of production?A.to acquire profitsB.to participate in the circular flowC.to help society advance technologicallyD.to develop a supply scheduleQuestion 20Points: 1If the demand for coffee decreases as income decreases, coffee isA.inferior good.B.normal good.C.complementary good.D.substitute good.

The system that is based on a free market economy where individuals are allowed to own private property, businesses, industries, and farms. Individuals have the right to start their own businesses and profit from their hard work is referred to by what term?CapitalismCommunismRadicalismSocialism