FIRST CONTACTS 28000 BCE 1821 CE
THE COLUMBIAN EXCHANGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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demand for goods
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small population
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Either A or B
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None of the above
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Detailed explanation-1: -What factor helped establish the system of capitalism? Demand for goods.
Detailed explanation-2: -Capitalism is an economic system where private entities own the factors of production. The four factors are entrepreneurship, capital goods, natural resources, and labor. The owners of capital goods, natural resources, and entrepreneurship exercise control through companies.
Detailed explanation-3: -A major factor spurring this rise in wealth was the continued growth of business enterprise and the government policies that enabled its unprecedented scale and scope. Entrepreneurs and innovators improved methods of transportation, completing transcontinental railroads and transatlantic telegraph cables.
Detailed explanation-4: -There are three elements to the argument for capitalism, and while they connect in crucial ways they can be separately defined. Those three elements are (a) division of labor; (b) impersonal exchange based on prices; and (c) economies of scale based on knowledge.