ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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economic system in which a central authority makes the major economic decisions
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economic sector in which goods and services are sold illegally
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conversion of state-owned property to individual ownership
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economic system in which private citizens own and use resources to make a profit
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Detailed explanation-1: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.
Detailed explanation-2: -The Marxist periodization of capitalism into the stages: agricultural capitalism, merchant capitalism, industrial capitalism and state capitalism.
Detailed explanation-3: -Mercantilism focused on political supremacy through national wealth accumulation, particularly through acquisition of precious metals, high exporting, and low importing. Capitalism is an economic system focused on building profit for private individuals and corporations via production of goods and services.
Detailed explanation-4: -Pure capitalism refers to an economic system that is private and free. In a pure capitalist system, private businesses compete in the market without any interference from the government.
Detailed explanation-5: -Capitalism has many unique features, some of which include a two-class system, private ownership, a profit motive, minimal government intervention, and competition.