A form of economic organization that relies primarily on private ownership of productive assets, freedom of exchange, and market prices to allocate goods and resources is often called capitalism.
An economic system based on private ownership of the means of production and their use for profit is known as capitalism. Capital accumulation, competitive markets, the pricing system, private property, the recognition of property rights, voluntary exchange, and wage labor are key aspects of capitalism.
An economic system is a mechanism used by communities or governments to coordinate and distribute resources, services, and goods throughout a territory or nation. Economic systems control the factors of production, such as labor and capital.
The government has little influence over resources and does not meddle in significant economic sectors. Instead, the supply and demand equation and human behavior are the sources of regulation. The market economy is largely a theoretical construct. That is to say, there isn't actually a pure market system.
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