BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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private property ownership
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business competition
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government control over wages
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right to make a profit
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Detailed explanation-1: -Capitalism has many unique features, some of which include a two-class system, private ownership, a profit motive, minimal government intervention, and competition.
Detailed explanation-2: -Answer and Explanation: The correct answer is option d. classless society. The primary characteristics of capitalism are that it has a feature of private ownership, a noticeable minimal government intervention, the presence of a competitive market, and the presence of two classes of individuals.
Detailed explanation-3: -Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor.
Detailed explanation-4: -These capitalist economies operate on the pillars of private property, supply, and demand, competition, freedom, and incentive. Today we will explore what these entail when it comes to capitalism.