The market system is characterized by:
A)extensive government constraints on individual behaviour.
B)private ownership of the means of production.
C)government control of all production decisions.
D)government rationing of all goods and services.

Question

Quizplus · Accepted Answer

Private ownership of the means of production is a key feature of the market system, where supply and demand interact to determine prices and resource allocation. Option A, C, and D are incorrect as they involve government intervention, which is not a characteristic of a pure market system.

The Market System Is Characterized By