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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An economic system based on private owners of great wealth and the investment of resources for profit.
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A democratic system based on public owners of poor wealth and the divestment of resources for profit.
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An economic system based on public owners of great wealth and the investment of resources for profit.
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A democratic system based on private owners of poor wealth and the divestment of resources for 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: -Other terms sometimes used for capitalism: Capitalist mode of production. Economic liberalism. Free enterprise. Free enterprise economy.
Detailed explanation-3: -The correct answer is (C) Private Ownership Of Capital Goods.
Detailed explanation-4: -Capitalism or capitalist economy is referred to as the economic system where the factors of production such as capital goods, labour, natural resources, and entrepreneurship are controlled and regulated by private businesses.
Detailed explanation-5: -Adam Smith is considered the first theorist of what we commonly refer to as capitalism.