what are the basic features of capitalism
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Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. 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.
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Main Features of Capitalism:
- Private Property and Freedom of ownership: ...
- Right of Private Property: ...
- Price Mechanism: ...
- Profit Motive: ...
- Competition and Co-operation Goes Side by Side: ...
- Freedom of Enterprise, Occupation and Control: ...
- Consumer's Sovereignty: ...
- It arises Class Conflict:
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