WORLD HISTORY

Detailed explanation-1: -Capitalism is an economic system in which private individuals or businesses own capital goods. At the same time, business owners (capitalists) employ workers (labor) who only receive wages; labor does not own the means of production but only uses them on behalf of the owners of capital.

Detailed explanation-2: -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.

Detailed explanation-3: -Key Takeaways. The private sector consists of all privately owner, for-profit businesses in the economy. The private sector tends to make up a larger share of the economy in free market, capitalist based societies.

Detailed explanation-4: -Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources. Left to themselves, economies tend to combine elements of both systems.

Detailed explanation-5: -Answer and Explanation: A free-market or free enterprise system is another name for capitalism, an economic system based on private ownership of productive resources.