WORLD HISTORY

Detailed explanation-1: -An economic system is a way how a society produces and distributes goods and services. It involves how things are made, who gets to make them, how they are distributed, and how people get access to them.

Detailed explanation-2: -In economics, distribution is the way total output, income, or wealth is distributed among individuals or among the factors of production (such as labour, land, and capital). In general theory and in for example the U.S. National Income and Product Accounts, each unit of output corresponds to a unit of income.

Detailed explanation-3: -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-4: -Capitalism is the economic system in the United States. It is a market economy. Capitalism means that people, not the government, own most businesses. In the U.S., businesses decide what to sell.

Detailed explanation-5: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.