Answer:
K) private ownership and limited government interference.
Explanation:
An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.
Basically, there are four (4) main types of economy and these are;
I. Mixed economy.
II. Free-enterprise (capitalist) economy.
III. Traditional economy.
IV. Command economy.
A free-enterprise economy also referred to as capitalism or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a free-enterprise economy is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.
Simply stated, a free-enterprise system is a type of economy that is completely driven by demand and supply of goods and services.
Hence, a capitalist or free enterprise economy is often characterized by private ownership and limited government interference.
The value of cash crops influenced Southern farmers decision to use slaves because of the cost of slaves. During the 18th and first half of the 19th century, slaves were considered property. This meant that they could be bought and sold. With this mind, it was cheaper to buy and own slaves in comparison to using another type of labor system like indentured servitude. This is because indentured servants were only worked for the farm owner for 4-7 years. Whereas in slaves could be kept indefinitely.
People could start using robots to do work around their house and provide companionship starting in 2030. We could live in a Matrix-like virtual world by 2045. People could also become Cyborgs by 2045. People could control their home settings using artificial intelligence by 2040 as well.
The Hanseatic League was a commercial and defensive confederation of merchant guilds and their market towns. The League was created to generate economic interest and diplomatic ties between the countries and towns it took place in. The Hanseatic League was so prominent that the towns in the league had their own armies for mutual protection and aid.
