What type of economic system lets individuals own and operate most of the business and industries

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Social Studies

Deon Pena

30 January, 07:18

What type of economic system lets individuals own and operate most of the business and industries

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Adelaide Jacobs · Answer 1

Market Economy is the type of economic system where individuals own and operate most of the business and industries, and therefore they decide the pricing of their produced goods and offered services. Not to be confused with a Command economy where the government owns and operate the factors of production; the business and industries.