An economic system in which most capital goods are owned by individuals and private firms is known as

Assessment: WAEC SSCE - Economics - 1988 (Objective) Subject: Economics

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An economic system in which most capital goods are owned by individuals and private firms is known as
Answer Details
The economic system in which most capital goods are owned by individuals and private firms is known as a capitalist economy. In a capitalist economy, the means of production are privately owned and operated for profit. The production of goods and services is determined by supply and demand in the market, and the price system is used to allocate resources and distribute output. This system is based on the principles of private property, individual initiative, and free enterprise, and is often associated with a market-oriented approach to economic development.
Read lesson note on Economic Systems (JAMB)
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