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 are the most liquid assets to a commercial bank? ...
A characteristic common to partnership and sole proprietorship is ...
A factor that influences the location of a firm near its market is the ...
The most reliable and acceptable index of economic growth is the__________ ...
Positive check as envisaged by Thomas Malthus can be prevented if ...
Foreign investment and long term securities in the balance of payment accounts are recorded as ...