HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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an economic and political system in which a country’s trade and industry are controlled by public owners for profit.
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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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Either A or B
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None of the above
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Detailed explanation-1: -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-2: -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.
Detailed explanation-3: -Adam Smith is considered the first theorist of what we commonly refer to as capitalism.
Detailed explanation-4: -Any economy is capitalist as long as private individuals control the factors of production. A purely capitalist economy is also a free market economy, meaning the law of supply and demand, rather than a central government, regulates production, labor, and the marketplace.
Detailed explanation-5: -As there is no government intervention in this type of economy, it is also known as a free market economy.