Economics

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Which of the following terms is the closest synonym for a market economy?

Production is based on customs and bartering; Usually has no currency.

The price of a good rises and falls depending on how many people want it (demand) and how much of the good is available (supply). Socialism

Combination of private and public enterprise.

Trade and industry are controlled by private owners for profit.

Amount of money earned after payroll taxes are deducted (removed).

A system in which society owns and controls the means of production.

Considered the founder of modern capitalism.