The economic system characterized by private ownership of resources and market is:
A) capitalism.
B) communism.
C) fascism.
D) socialism.

Question

Quizplus · Accepted Answer

Capitalism is an economic system in which resources are privately owned and decisions about their use are made through market mechanisms. Communism and socialism, on the other hand, involve public ownership of resources and planning by the government. Fascism does not necessarily have a specific economic system, but often involves a strong centralized government and control over economic activity by the state.

The Economic System Characterized by Private Ownership of Resources and Market