The economic system in which the decision s about what to produce , how to produce and for whom to produce are made by private firms is called
Question 1 Report
The economic system in which the decision s about what to produce , how to produce and for whom to produce are made by private firms is called
Answer Details
The economic system in which private firms make decisions on what to produce, how to produce, and for whom to produce is called capitalism. In a capitalist system, the means of production and distribution are owned and controlled by private individuals or companies, rather than the state or government. The basic principle of capitalism is that individuals are free to pursue their own economic self-interest, and the market, through the forces of supply and demand, determines the prices and quantities of goods and services produced.
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