COLD WAR ERA
IMPACT OF COLD WAR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Businesses are owned by the people collectively.
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The means of production are controlled by the state.
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Supply and demand determine production and price.
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Employment opportunities are determined by social class.
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Detailed explanation-1: -A free-market economy is a crucial aspect of capitalism. In such an economy, the distribution of products takes place as per market demand and supply. To put it simply, the price of a product rise when its demand rises. This is referred to as ‘the law of demand’ by economists.
Detailed explanation-2: -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-3: -In a capitalist society the prices of goods, services and labour are determined by supply and demand. If a lot of people want to buy a certain product its price will go up. Products that are mass produced usually have low prices. Another important feature of capitalism is competition.
Detailed explanation-4: -Key Takeaways Capitalism has many unique features, some of which include a two-class system, private ownership, a profit motive, minimal government intervention, and competition.
Detailed explanation-5: -In a capitalist society prices are determined by the interaction of demand and supply.