In a market capitalist economy:
A) markets are not competitive.
B) individual ownership and decision making are relied upon.
C) consumers have few choices.
D) the government owns the factors of production.

Question

Quizplus · Accepted Answer

In a market capitalist economy, individual ownership and decision making are relied upon. This means that individuals have the freedom to own property, make decisions about what goods and services they will produce or consume, and compete in open markets. The government typically does not own the factors of production and the economy is characterized by competition between producers and consumers with many choices available to the latter.

In a Market Capitalist Economy