HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An economic system in which the factors of production are privately owned and money is invested in buisness ventures to make profits.
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An economic system in which the factors of production are owned by the public and operate for the welfare of all.
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Either A or B
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None of the above
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Detailed explanation-1: -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-2: -Under the capitalistic economy, the factor of production is owned by private individuals.
Detailed explanation-3: -Capitalism refers to an economic system where private businesses can have ownership of capital goods. As per capitalism meaning, individuals can privately own means of production.
Detailed explanation-4: -Capitalism is often referred to as a free market economy in its purest form, where the means of production are owned by private interests. Embedded in these economic systems are political and social elements that influence the degree of purity of each system.
Detailed explanation-5: -Capitalism refers to an economic system in which a society’s means of production are held by private individuals or organizations, not the government, and where products, prices, and the distribution of goods are determined mainly by competition in a free market.