Question

_________ is the name of a free-market economic system in which most of the factors of production and distribution - such as land, factories, railroads, and stores - are owned by individuals.

Answer 1

Answer:

The correct answer is: Capitalism.

Explanation:

Capitalism is an economic system in which the goods and services produced is controlled by the free market alone. Its key features include open competition, producers' profit motive, and private property ownership. Capitalism stands in the right contrast to government-controlled economies, where a central decision-making body sets out production and prices.

Answer 2

Answer: Capitalism

Explanation: Capitalism can be defined as that free market economic system in which most of the industries in the economy are controlled by the private owners rather than the state.

This type of market structure is usually followed by most of the western countries of the world in which most of the necessities like electricity and water supply, transportation like railways are controlled by private entities.