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 the right to own resources used in production.
D) emphasizes the government's power to control markets and direct economic activity.

Question

Quizplus · Accepted Answer

The market system is characterized by private ownership of resources and production decisions made by individuals in pursuit of their self-interest. This means that private individuals have the right to own resources used in production, as opposed to government ownership or control. The market system does not necessarily favor consumer goods over capital goods or vice versa, and it is not characterized by government control over markets or economic activity.

The Market System Is an Economic System That