Profit motivates producers to develop new things.The price of these products is determinec I by the free interaction of producers and consumers according to the laws of supply and demand Choose Socialism Traditional rivate property is owned by the Capitalism Communism

The correct answer is Capitalism.<br /><br />In a capitalist economic system, profit serves as a primary motivator for producers to develop new products and services. The price of these products is determined by the free interaction of producers and consumers in the market, based on the laws of supply and demand. This free market mechanism allows for competition and innovation, as producers strive to meet the needs and preferences of consumers while maximizing their profits.<br /><br />In contrast, socialism and communism advocate for the collective or state ownership of the means of production, with the goal of achieving a more equitable distribution of wealth and resources. In these systems, the market mechanism is often replaced or supplemented by central planning, where the government plays a more active role in determining the production and distribution of goods and services.<br /><br />Therefore, the statement provided aligns with the principles of capitalism, where profit drives innovation and the market determines the price of goods and services through the interaction of producers and consumers.