What economic system has a privately owned means of production

A market economy system is characterized by privately owned means of production.

In a market economy the economic agents own the factors of production and are free to offer them in the factor markets in exchange for a retribution.

In this system, the prices and the quantities exchanged are decided in the markets, after the interactions of the aggregate desires of all consumers and producers. There are almost no interventions from the goverment.

On the other hand, a centrally-planned economy would be a system in which the means of production are collectively owned by the whole society, and therefore, are in hands of the public authorities.

the question deals with financial planning and the answer is that dan did not stay on budget due to the fact that this guy needs to start decreasing his discretionary spending. according to the financial plan, he needed to balance his expenses and resources.

sir frederic attributed inaccuracies to schemas. memory reconstruction is one part actual events and one part personal schema, which can result in inaccuracies when memories are reconstructed.