Question

A form of economic organization that relies primarily on private ownership of productive assets, freedom of exchange, and market prices to allocate goods and resources is often called:_________

Answer 1

capitalism.

Describe capitalism?

Capitalism is an economic system that relies on private ownership of the means of production and their commercial application. Key components of capitalism include capital accumulation, competitive markets, the pricing structure, private property, the recognition of property rights, voluntary exchange, and wage labor.

An economic system is what?

A government or community can utilize an economic system as a tool to plan and distribute resources, services, and products across a region or country. Economic systems are in charge of the production factors like labor and capital.

What exactly does a "pure market economy" entail?

Government does not significantly interfere in important economic areas and has minimal control over resources. The sources of regulation, on the other hand, are the law of supply and demand and human conduct. Most of what we know about the market economy comes from theory. There isn't a true pure market system, to put it another way.

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