HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Private ownership
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Make a profit
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Government controls the factors of production
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Prices are set by supply and demand
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Detailed explanation-1: -Answer and Explanation: The correct answer is option d. classless society.
Detailed explanation-2: -Capitalism is a type of economic system in which trade and industry are driven by private owners and the individual rather than the government.
Detailed explanation-3: -In Capitalism, the country’s trade and industry are controlled by private owners for profit, rather than by the state. Thus, Option 2 is not a characteristic of Capitalism.
Detailed explanation-4: -These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism.
Detailed explanation-5: -The main characteristics of this system include private ownership, the motive for profit, the ability for businesses to compete in the free market, and minimal intervention in government.