In a capitalistic economy:
A) consumers are not sovereign.
B) markets are not competitive.
C) there is a reliance on the market system.
D) the government owns the means of production.

Question

Quizplus · Accepted Answer

In a capitalistic economy, there is a reliance on the market system, meaning that the economy is driven by the buying and selling activities of individuals and businesses. Consumers have the power to dictate what goods and services they want to purchase, making them sovereign. Markets are typically competitive, with many businesses offering similar products or services. The government does not own the means of production in a capitalist economy.

In a Capitalistic Economy