Answered

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Which economic system is based on free markets, in which the market largely determines what goods and services get produced, who gets them, and how the economy grows?

A. Communism
B. Capitalism
C. Collectivism
D. Socialism

Sagot :

GinnyAnswer

Final answer:

Capitalism is a free market system where private individuals control production, in contrast to communism and socialism where the government has more control over production decisions.


Explanation:

Capitalism is the economic system based on free markets where the market determines production, distribution, and growth. In a capitalist economy, private individuals own and control the factors of production, leading to economic freedom, competition, and voluntary exchange.

On the other hand, communism and socialism rely on government planning and control of production. Governments play a central role in these systems, owning and controlling resources and making decisions on behalf of the society.

The shift towards market capitalist economies in recent decades has been influenced by factors such as individual ownership, resource allocation based on comparative advantage, and support for entrepreneurial activities, which are characteristics of capitalist systems.


Learn more about Economic Systems here:

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