WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
competition between businesses
|
|
|
free market trade
|
|
|
private ownership of a business
|
|
|
government control of the economy
|
Detailed explanation-1: -Capitalism has many unique features, some of which include a two-class system, private ownership, a profit motive, minimal government intervention, and competition.
Detailed explanation-2: -Thus, collective ownership is not possible in a capitalist economy.
Detailed explanation-3: -In a capitalist economy, capital assets-such as factories, mines, and railroads-can be privately owned and controlled, labor is purchased for money wages, capital gains accrue to private owners, and prices allocate capital and labor between competing uses (see “Supply and Demand”).
Detailed explanation-4: -The capitalist economy refers to an economic environment characterized by competition, property ownership, and free enterprise systems.
Detailed explanation-5: -Answer and Explanation: The correct answer is option d. classless society. The primary characteristics of capitalism are that it has a feature of private ownership, a noticeable minimal government intervention, the presence of a competitive market, and the presence of two classes of individuals.