Question

Rochester, an Asian country, follows an economic system that facilitates private ownership. The country's economy is based on economic freedom and fair competition. Given this information, the economic system followed by Rochester is _____.

Answer 1

Capitalism.

Step-by-step explanation:

Capitalism is a form of economic system in which the government holds a secondary role in the economy. In this system, the private owners have an upper hand and they own the factors of production (labor, capital goods, entrepreneurship, and natural resources) and make income from the ownership of these factors.

Rochester is a city in New York that practices capitalism. The adoption of this strategical economic system has proved to impact the economy of Rochester positively. This strategy has been adopted by the Rochester government for the development of the entire region.

So, the correct answer is capitalism.