capitalism has got wide acceptance throughout the world, Explain the statement
Answers
Answer:
Capitalism is defined by private property rights, capital accumulation and re-investment, free markets, and competition. While capitalism has certainly helped propel innovation and prosperity in modern society, it can also create inequalities and contribute to market failures.
Answer:
Firms in a capitalist based society face incentives to be efficient and produce goods which are in demand. ... With firms and individuals facing incentives to be innovative and work hard, this creates a climate of innovation and economic expansion. This helps to increase real GDP and lead to improved living standards.
so here I give you Why is capitalism good for the economy?
hope you some reasons understand about capitalism.
hope it helps you
happy kartik puja .