In which type of economy private players are in charge of production?

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Socialists

Democratic

Capitalists

None of the above

answer is C.

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Detailed Solution

In the capitalist economy, private players are in charge of production.
A capitalist economy is one in which private companies are in charge of the factors of production, including labour, raw materials, and capital goods. On the other hand, an economic system known as a socialist economy places the government in charge of production elements, such as labour, raw materials, and capital goods. The forces of supply and demand play a role in determining how much products and services cost in a capitalist economy. In a capitalist economy, making money is the primary driver of creating goods and services. Moreover, the general welfare of the populace is not the primary driving force behind producing commodities and services in a capitalist economy as in socialism.

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