Question

Mention the features of capitalist economic system

Answer 1

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Capitalist Economy.

1. Capitalism is the most prominent in our current global economic system.
2. Its main characteristic is that it most means of production and property are privately owned by individuals and companies.
3. There is no direct government intervention other than to control monopolistic practices in the economy.

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Answer 2

Explanation:

Following are the features of a capitalist system:

1. Private property

Individual’s persons are free to own sell and transfer their property for profit-making purposes.

2. Freedom of enterprise

People are free to choose their occupation. Use their resources to produce whatever they wish and sell it in any market for maximum profitability.

3. Consumer’s Sovereignty

Consumers have supreme power and they influence what the producers would produce. Buyers are free to purchase whatever they required to convince their need.  

4. Profit motivation

Everyone in this system tries to maximize their wealth through owning resources and utilizing them in such a way that maximizes their profits.

5. Competition, Markets, and prices

There is great competition and the market compelling of demand and supplies operate to determine prices of products and services.

6. The lack of government interference

Government participation in the operation of markets and price determination doesn’t exist or is very minimal.

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