Question

Capitalism is an economic system in which private property, markets, and firms play an important role. Based on this definition, which of the following statements is correct?

A. An economic system is a way of organising the production and distribution of goods and services in an entire economy.
B. The knowledge you attain from the CORE program is a private property.
C. Forced labor where the workers receive some daily allowance is a market.
D. Employee owned cooperatives are not firms.

Answer 1

Correct Answer:

A. An economic system is a way of organizing the production and distribution of goods and services in an entire economy.

Step-by-step explanation:

Capitalism, which is an economic system in which a country's trade and industry are controlled by private owners for profit, rather than by the state helps in ensuring the adequate running of the country. It is a method whereby goods and services are organized in an entire economy through private investments and firms.