WORLD HISTORY

Detailed explanation-1: -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-2: -Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor.

Detailed explanation-3: -In a capitalist economy, capital assets-such as factories, mines, and railroads-can be privately owned and controlled, labor is purchased for money wages, capital gains accrue to private owners, and prices allocate capital and labor between competing uses (see “Supply and Demand”).

Detailed explanation-4: -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-5: -They are: economic freedom, voluntary (willing) exchange, private property rights, the profit motive, and competition.