Question

in which of the following economic systems is the "factors of production" privately owned? O Socialism O Capitalism O Traditionalism O Anarchism​

Answer 1

Answer:

Capitalism

Explanation:

Capitalism is the economic system that puts resources, means of production, and property under the private ownership of the person. It sees the market as the free place in which everyone can sell their own goods and which should not be under any supervision or coordination of the government.

In such a system where everything is privately owned, there is a tendency for creating a competitive market and accumulation of capital. The idea is that all can get rewarded for the hard work and get to own their private property. Capitalism also claims that competition pushes innovation. Still, the problem remains that some people and companies tend to place monopoly over the capital and that by birth some people are prepositioned to own less than others.