The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of:
A)a command system.
B)a market system.
C)communism.
D)socialism.

Question

Quizplus · Accepted Answer

The private ownership of property resources and use of prices to direct and coordinate economic activity is a key feature of a market system, where individuals decide what to produce, how to produce, and for whom to produce, based on market signals. In a command system, the government owns and controls all property resources and decisions are made by a central planning authority. Communism and socialism are political systems that advocate for public ownership of resources and the means of production, with distribution based on need rather than market forces.

The Private Ownership of Property Resources and Use of Prices