The market system is an economic system that:
A)produces more consumer goods than capital goods.
B)produces more capital goods than consumer goods.
C)gives private individuals and institutions the right to own resources used in production.
D)gives the government the right to tax individuals and corporations for the production of capital goods.

Question

Quizplus · Accepted Answer

The market system is a type of economic system that is based on private ownership of resources used in production. This means that individuals and institutions have the right to own and use resources such as land, labor, and capital to produce goods and services for their own benefit. The market system is characterized by the free exchange of goods and services through supply and demand, and it does not involve government intervention in the pricing of goods or the production process. Therefore, choice C is the best option as it accurately describes the defining characteristic of the market system.

The Market System Is an Economic System That