Answer: Capitalism
Explanation: Capitalism can be defined as that free market economic system in which most of the industries in the economy are controlled by the private owners rather than the state.
This type of market structure is usually followed by most of the western countries of the world in which most of the necessities like electricity and water supply, transportation like railways are controlled by private entities.
Answer:
The correct answer is: Capitalism.
Explanation:
Capitalism is an economic system in which the goods and services produced is controlled by the free market alone. Its key features include open competition, producers' profit motive, and private property ownership. Capitalism stands in the right contrast to government-controlled economies, where a central decision-making body sets out production and prices.
