An economic system where production activities are decentralized to private owners who carry out these activities to make a profit is known as a
A)Capitalist economy.
B)Command economy.
C)Socialist economy.
D)Mixed economy.

Question

Quizplus · Accepted Answer

A capitalist economy is characterized by private ownership of the means of production and decentralized decision-making by individuals and firms to achieve profits. This system is also known as a free-market or market economy where the prices of goods and services are determined by supply and demand.

An Economic System Where Production Activities Are Decentralized to Private