What is Capitalism? Basic features of capitalism.
Answers
Answer:
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 labour
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: ...
Answer:
Capitalism is an economic system based on private ownership of means of production and profit.
Characteristics:
●capital accumulation
●competitive markets
●private property
●price system etc.