ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A system where the government controls business
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Capitalism is an economic system where the means of production are privately owned and operated for profit!
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A economic system in which the people have limited rights
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An economic system in which most property and resources, such as factories or farms, are publicly owned or controlled.
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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: -capitalism, also called free market economy or free enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately owned and production is guided and income distributed largely through the operation of markets.
Detailed explanation-3: -The correct answer is (C) Private Ownership Of Capital Goods.
Detailed explanation-4: -"Capitalism” is derived from capital, which evolved from capitale, a late Latin word based on caput, meaning “head"-which is also the origin of “chattel” and “cattle” in the sense of movable property (only much later to refer only to livestock).
Detailed explanation-5: -Adam Smith is considered the first theorist of what we commonly refer to as capitalism.