What is the importance of capitalism?
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Answer:
Capitalism is a system of economic production whereby business owners (capitalists) acquire the means of production (capital) and hire workers who get paid for their labor.
Capitalism is defined by private property rights, capital accumulation and re-investment, free markets, and competition.
While capitalism has certainly helped propel innovation and prosperity in modern society, it can also create inequalities and contribute to market failures.
Explanation:
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Answer:
Explanation:
Capitalism, undoubtedly, is a major driver of innovation, wealth, and prosperity in the modern era. Competition and capital accumulation incentivize businesses to maximize efficiency, which allows investors to capitalize on that growth and consumers to enjoy lower prices on a wider range of goods.