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: -Capitalism is an economic system in which private individuals or businesses own capital goods. At the same time, business owners (capitalists) employ workers (labor) who only receive wages; labor does not own the means of production but only uses them on behalf of the owners of capital.

Detailed explanation-3: -capitalism, also called free market economy or free enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately owned and production is guided and income distributed largely through the operation of markets.

Detailed explanation-4: -This economic system is also known by other names, such as a free market or laissez-faire economy. Business owners often find more success in capitalistic economies because private ownership allows individuals to produce various goods or services and keep business profits for themselves.

Detailed explanation-5: -These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism.