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

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

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

In a _____, the factors of production are owned collectively rather than individually, and no incentives to work harder or to produce quality products are provided.Group of answer choicesprivate enterpriseScratchcommunist economic systemScratchmixed economyScratchsocialisticScratchcapitalisticScratch

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

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