US CITIZENSHIP TEST PREPARATION

Detailed explanation-1: -Capitalism is the economic system in the United States. It is a market economy. Capitalism means that people, not the government, own most businesses.

Detailed explanation-2: -There are many different types of economic systems used throughout the world. Some examples are socialism, communism, and capitalism. The United States has a capitalistic system.

Detailed explanation-3: -The production of goods and services under capitalism is based on supply and demand in the general market-known as a market economy-rather than through central planning-known as a planned economy or command economy. The purest form of capitalism is free market or laissez-faire capitalism.

Detailed explanation-4: -In the United States, capitalism has always been the prevailing system. It is defined as an economic system in which private individuals or businesses, rather than the government, own and control the factors of production: entrepreneurship, capital goods, natural resources, and labor.

Detailed explanation-5: -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.