Define Capitalism (in your own words)
Answers
Answer:
Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.
Answer:
Capitalism is an economic system in which factors of production which include capital goods, natural resources, labor, and entrepreneurship are owned by private individuals or businesses.
Capitalism is an economic system that focuses on a free market to determine the most efficient allocation of resources and sets prices based on supply and demand. Socialism is often presented as the opposite of capitalism whereby there is no free market and the allocation of resources is determined by a central body.
Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange and wage labor.