Final answer:
The question refers to a capitalist economic system, where production is driven by the goal of maximizing profits, in contrast to other economic systems like socialism or mercantilism. This system emphasizes free trade, private enterprise, and operates within a global economy framework.
Step-by-step explanation:
The subject of the question is describing an economic system where production is aimed at sale or exchange on the market with the goal of maximizing profits, not just satisfying domestic needs. This is characteristic of a capitalist economic system, also known as a market economy, which operates on the principles of supply and demand. In a capitalist system, private individuals or corporations own the means of production and operate for profit. Production decisions are driven by consumer demand rather than a central governing body.
Historically, this system can be linked to a period where European colonialism resulted in the extraction of wealth from various parts of the world, often resulting in economic systems that favored European merchants and governments. Such structures have led to lasting global inequalities in wealth and trade. Within this system, concepts such as free trade, private enterprise, and global economy are significant, where trade is conducted with minimal restrictions and the market is driven by a quest for profit maximization.
It's important to note that a market economy contrasts with systems like socialism or mercantilism, where production and trade may be more regulated or aimed at self-sufficiency rather than driven by international market forces.