It is also a political system where all the means of production are owned and controlled by private individuals. Microecon Cengage Chapter 2.4 quiz Flashcards & Practice Test 2. Capitalism Economics 15 How did industrial capitalism affect society? pure capitalism A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather … The market system is characterized by private ownership of resources - Pure Command Economy. Define pure capitalism of economic system? - Answers Road to Socialism USA - cpusa.org A capitalist system guarantees certain economic rights: the right to own property, the right to make a profit, the right to make free choices, and the right to compete. Press J to jump to the feed. Explain the evolution of Capitalism as an economic system. pure capitalism NUMBER … An economic system characterized by the private ownership of resources and the use of prices to coordinate … Selected Answer: an economic system characterized by private ownership of the means of production, centralized decision-making, and command implementation Answers: an economic system characterized by private ownership of the means of production, centralized decision-making, and command … In a capitalist economy, the role of government is very limited. This system includes wage labor, competitive market, private sector employment, and the overall goal of gaining a profit.