Question

in a capitalist economic system, group of answer choices there is little scope for competition. consumers have a limited choice of goods and services. the government owns and operates all businesses. prices of goods and services are determined by demand and supply. the majority of people possess government jobs.

Answer 1

In a capitalist economy, goods and services prices are set by the demand and supply, and competition is inherent as a tool to regulate these prices.

Step-by-step explanation:

In a capitalist economic system, one key characteristic is that the prices of goods and services are determined by demand and supply. This market mechanism encourages competition amongst buyers and sellers, where buyers compete to obtain goods and services by offering higher prices, while sellers compete by offering lower prices or higher quality goods and services.

The capitalist system, as seen in the United States, is based on private ownership of the means of production and on the premise of minimal government intervention, although in reality, some regulation and intervention exist to enforce property rights and address market failures.