An economic system in which all or most of the means of production are privately owned under competitive conditions is referred to as _________________.

Question

Quizplus · Accepted Answer

Capitalism is an economic system where the means of production are privately owned under competitive conditions. In capitalism, individual or companies own the production factors such as land, labor, and capital. The price and distribution of goods and services are determined by the market forces of supply and demand rather than the government.

An Economic System in Which All or Most of the Means