Some people think this economic system is the best because it allows people to own their own business, own their homes, and allows a few people to become millionaires and billionaires. However, most people in this economic system never become millionaires or billionaires. Which economic system does this prompt go with?

Question

Social Studies

Huynh

11 September, 16:14

Some people think this economic system is the best because it allows people to own their own business, own their homes, and allows a few people to become millionaires and billionaires. However, most people in this economic system never become millionaires or billionaires. Which economic system does this prompt go with?

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Answers (1)

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Ashtyn Benitez · Answer 1

This system is called capitalism.

Explanation:

Capitalism is the economic system based on private property and a free market in which people can invest money in activities or business to regain more in selling services and products, while other people exchange work for money to buy those services and products.

It's a system born out of the industrial revolution, and it is build upon the concept of infinite growth.

it's a system that, when applied in its purest form, allows a great disequality between people who can afford to invest in business and people who can not. In most countries, nowdays, capitalism is not applied n its purest form but temperated with welfare and economic measure to limit the free market.