An economic system characterized by private ownership of the factors of production and economic activity coordinated through a system of markets and prices is called:
A) capitalism.
B) socialism.
C) communism.
D) none of these.

Question

Quizplus · Accepted Answer

Capitalism is the economic system that is based on private ownership of the factors of production, such as land, labor, and capital, and economic activity is coordinated through a system of markets and prices. In a capitalist system, the production and distribution of goods and services is mainly determined by the market forces of supply and demand, without significant government intervention or control.

An Economic System Characterized by Private Ownership of the Factors