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11 November, 12:08

What type of economic system are you a part of?

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  1. 11 November, 13:10
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    As I live in the US, I am the part of capitalistic economic system.

    Explanation:

    There are different types of economic system followed by different countries in the world. Economic system may be socialistic, communistic or capitalistic. Capitalism is the type of economic system where capitals are under the control and owned privately or corporately through private investments rather than state control. It is characterized by the determining production of goods, prices of the products and distribution of the products. It uses markets for the effective utilization of the produced goods. The economy is maintained by the capital profit made from the use of these goods.
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