A system under which means of production are owned and managed by private individuals
Answers
In economics and sociology, the means of production (also called capital goods)[1] are physical and non-financial inputs used in the production of economic value. These include raw materials, facilities, machinery and tools used in the production of goods and services.[2][3] In the terminology of classical economics, the means of production are the "factors of production" minus financial and human capital.
The social means of production are capital goods and assets that require organized collective labor effort, as opposed to individual effort, to operate on.[4] The ownership and organization of the social means of production is a key factor in categorizing and defining different types of economic systems.
The means of production includes two broad categories of objects: instruments of labor (tools, factories, infrastructure, etc.) and subjects of labor (natural resources and raw materials). People operate on the subjects of labor using the instruments of labor to create a product; or stated another way, labor acting on the means of production creates a good.[5] In an agrarian society the principal means of production is the soil and the shovel. In an industrial society the means of production become social means of production and include factories and mines. In a knowledge economy, computers and networks are means of production. In a broad sense, the "means of production" also includes the "means of distribution" such as stores, the internet and railroads (Infrastructural capital).[6]
Answer:
Capitalism is a system under which means of production are owned and managed by private individuals.
Explanation:
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