The economic system based on freedom of choice and privately owned factors of production is known as : Capitalism.
Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. The capitalist is the one who is responsible for fixing the prices of his goods and his services.
One of the characteristic of capitalism is that the price of goods is determined by how many exist and the number of people who want them.
Other basic characteristics of capitalism include:
Therefore, the economic system based on freedom of choice and privately owned factors of production is known as Capitalism .
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