write the characterstics of economic according to marcle
Answers
There are several different types of economic systems employed by nations. Two such types, socialism and capitalism are the most common. Capitalism is often referred to as a free market economy in its purest form; a common type of socialism is communism. Embedded in these economic systems are political and social elements that influence the degree of purity of each system. In other words, many capitalist nations have elements of socialism interwoven. So even though there are different degrees or levels of commitment to the ideals of capitalism, there are several traits that are common among all capitalists.
Explanation:
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.[1][2][3][4] 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.[5][6] In a capitalist market economy, decision-making and investments are determined by every owner of wealth, property or production ability in capital and financial markets whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.[7]