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The Basics of Capitalism

Not every country has the same type of economic system as the United States. You may recall that the answers to these three questions determine what type of economic system a country has:

  • What goods and services are being produced?
  • How should they be produced?
  • Who will receive them after they are produced?

In the economic system of the United States, the means of production are privately owned. The market--not the government or tradition--decides the WHAT, HOW, and WHO questions.