Which economic system provides for the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive?
A) socialism
B) communism
C) capitalism
D) Marxism

Question

Quizplus · Accepted Answer

Capitalism is the economic system that provides for the private ownership of the factors of production, such as labor, land, and capital, and encourages entrepreneurship by offering profits as an incentive. In a capitalist system, individuals and businesses are free to make their own economic decisions and compete in the market for goods and services.

Which Economic System Provides for the Private Ownership of the Factors