Question

Quality of capitalistic economy

Answer 1

Capitalist economy

Explanation:

• Capitalism is an economic system based on private ownership.
• Means of production and operation of profit is privatized.
• It has many unique features, some of which include a two class system, private ownership, a motive of profit, less government intervention, and competition.
• Individuals have freedom to choose between different products, which leads to competition and production of better quality of products and services.
• Goods and services produced are based on Demand create incentives to cut costs and avoid waste.