Question

In which one of the following types of economy are the factors of production owned individually?

Options

• Capitalist

• Mixed

• Socialist

• None

Answer 1

Capitalist

Explanation:

Capitalism is an economic system in which capital goods are owned by private individuals or businesses. A market economy produces goods and services based on supply and demand in the general market, rather than through central planning, which is known as a planned economy or command economy.