What do you mean by a Capitallatie economy What are the base characteristis of this economic system
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Step-by-step explanation:
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.
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 private property and the recognition of property rights, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets.
Each has its own distinguishing characteristics, although they all share some basic features. Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
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Types of Economic Systems
Traditional economic system. ...
Command economic system. ...
Market economic system. ...
Mixed system.
Characteristics of a Free Market
Private ownership of resources. Free economies exist because a significant portion of resources are owned by individuals or companies in the private sector and not a central government agency. ...
Thriving financial markets. ...
Freedom to participate.