A capitalist economy is characteristics is the country most likely to have.
What is capitalist economy?
- The term "capitalism" or "capitalist economy" refers to an economic system in which private firms control and govern factors of production such capital goods, labor, natural resources, and entrepreneurship.
- The creation of all commodities and services in a capitalist economy is based on supply and demand in the market, commonly referred to as a market economy. It is distinct from the system of centralized planning, commonly referred to as a command economy or a planned economy.
- The desire to make a profit is a capitalist economy's primary trait. Free markets and a lack of government involvement in company regulation are other characteristics of the capitalist economy.
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