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.
All the following are features of market economies except ...
The labour force of a country can be determined by examining the ...
A Tax which takes a higher percentage from higher incomes is called? ...
The demand for money will fall if ...
The active population of a country determines the size of its ...
The national income of a country can be estimated by the ...
Which of the following is NOT associated with minimum price legislation? ...