WORLD HISTORY

Detailed explanation-1: -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. The essential feature of capitalism is the motive to make a profit.

Detailed explanation-2: -Answer and Explanation: A free-market or free enterprise system is another name for capitalism, an economic system based on private ownership of productive resources.

Detailed explanation-3: -Marx thought that the economic system of communism would replace capitalism. Communism is based on principles meant to correct the problems caused by capitalism. The most important principle of communism is that no private ownership of property should be allowed.

Detailed explanation-4: -In a market economy, almost everything is owned by individuals and private businesses-not by the government. Natural and capital resources like equipment and buildings are not government-owned. The goods and services produced in the economy are privately owned.

Detailed explanation-5: -While socialism calls for collective or shared ownership of the means of production, it does not imply that there is no private ownership of personal property. Thus, corporations and factories would be shared among the members of society, but individuals and households would still own their own personal effects.