Which of the following best describes capitalism a. an economic system in which individuals or corporations, rather than the government, control factors of production b. an economic system in which the government controls all factors of production. c. an economic system in which every laborer is compensated equally, despite the type of job they are completing. d. an economic system in which only services are profitable because the cost of producing a goods is too expensive.

Capitalism is an economic system in which individuals or corporations, rather than the government, control factors of production.  

Further Explanation:

A capitalist is the economy in which the resources are taken by the private sector, and the market forces derive all the prices of the economy. The private sector consists of all the private corporations, large institutional investor and individuals. All the resources are distributed among the private sector only.

Justification for the correct and incorrect

A.

An economic system in which individuals or corporations, rather than the government, control factors of production: This option is correct.

All the factors have been taken by individuals or corporations.

B.

An economic system in which the government controls all factors of production: This option is incorrect.  

In capitalism, there is no involvement of government; all resources are distributed among the private sector only.

C.

An economic system in which every laborer is compensated equally, despite the type of job they are completing: This option is incorrect.

As capitalism only includes individuals or corporations, the laborer is not included in it.

D.

An economic system in which only services are profitable because the cost of producing a good is too expensive: This option is incorrect.  

As capitalism includes both goods and services, price is derived by the market forces.  

Learn more:

1.Learn more about the demand curve

2.Learn more about the supply curve

3.Learn more about government intervention

Answer details:

Grade: Middle School

Subject: Economics

Chapter: Types of Economy

Keywords: resources, owned by the private sector, capitalism, individuals or corporations, factors of production, economic system, goods, demand and supply curve, market forces .

b is correct

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