An economic system characterized by the private ownership of wealth-creating assets, free markets and freedom of contract is known as capitalism. Capitalist is sometimes thought of as an economic system in which individual actors own and control property in accordance with their interests, and demand and supply freely establish prices in markets in a way that serves society's best interests.
Capital assets, such as factories, mines, and railroads, can be privately owned and controlled in a capitalist economy, labor is acquired for monetary wages, demand, capital profits accrue to the private owners, and prices allocate capital and labor between competing uses.
To learn more about demand, click here.
https://brainly.com/question/13320101
#SPJ4
