WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a system in which the workers provide for the government.
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buyers and sellers are controlled by laws and restrictions.
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an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.
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an economic and political system in which a country’s trade and industry are controlled by the communist government, rather than by the individual.
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Detailed explanation-1: -According to Oxford Dictionaries, capitalism is: “An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.” The free-market system has existed for hundreds of years.
Detailed explanation-2: -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.
Detailed explanation-3: -Adam Smith. Adam Smith is considered the first theorist of what we commonly refer to as capitalism.
Detailed explanation-4: -Capitalism is an economic system characterized by private ownership of the means of production, especially in the industrial sector, with labor paid only wages. Capitalism depends on the enforcement of private property rights, which provide incentives for investment in and productive use of productive capital.
Detailed explanation-5: -Capitalism is the greatest economic system because it has numerous benefits and creates multiple opportunities for individuals in society. Some of these benefits include producing wealth and innovation, improving the lives of individuals, and giving power to the people.