In a capitalist economy, factors of production are owned ...
In a capitalist economy, factors of production are owned and controlled by the _____?
Citizen
Business Men
Government
Foreigners
Correct answer is B
Capitalism or free market economy may be defined as the type of economic system in which the means of production are owned and controlled by private individuals that is; it is characterized by private ownership of the means of production. In this case, the private individuals play a greater role than the government in taking decisions on what to produce, how to produce, for whom to produce and the distribution of what has been produced.
Which of the following serves as a banker's bank? ...
A benefit that is present in all forms of economic integration is that ...
What effect would a change in price of a commodity have on its supply? ...
The central banks control credit in the economy through the use of ...
All indirect taxes tend to be ...
\(\frac{∑f(x-x̄)}{N}\) Is a formula used to calculate for ____________ ...