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What term describes the economic system where businesses are owned and operated

Practice Questions

Q1
What term describes the economic system where businesses are owned and operated by private individuals?
  1. Socialism
  2. Capitalism
  3. Communism
  4. Feudalism

Questions & Step-by-Step Solutions

What term describes the economic system where businesses are owned and operated by private individuals?
  • Step 1: Understand that an economic system is how a country organizes its economy.
  • Step 2: Learn that in some systems, businesses can be owned by the government.
  • Step 3: Recognize that in other systems, businesses are owned by private individuals.
  • Step 4: Identify the term used for the system where private individuals own and operate businesses.
  • Step 5: Conclude that this term is 'Capitalism'.
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