In which type of system are both producers and consumers free to make their own economic decisions on many basic issues?
A) mercantilism
B) capitalism
C) socialism
D) communism

Question

Quizplus · Accepted Answer

In a capitalist system, producers and consumers are free to make their own economic decisions on many basic issues, such as production, consumption, and pricing. The government's role is limited, and individuals have the opportunity to amass wealth and pursue their own self-interest. This stands in contrast to socialist and communist systems, which have greater government control over economic decisions. Mercantilism, meanwhile, is a historical economic theory that emphasizes exports, trade, and accumulation of wealth.

In Which Type of System Are Both Producers and Consumers