explain the concept of Capitalism
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Capitalism is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market—known as a market economy—rather than through central planning—known as a planned economy or command economy.
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It is an economic system based on the private ownership of the means of production and their operation for profit.
Central characteristics of capitalism includes private property and the recognition of property rights, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets
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