INDUSTRIAL REVOLUTION
PRE INDUSTRIAL EUROPE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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an economic and political system in which a country’s trade and industry are controlled by public owners for profit.
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An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.
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Either A or B
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None of the above
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Detailed explanation-1: -Capitalism refers to an economic system where private businesses can have ownership of capital goods. As per capitalism meaning, individuals can privately own means of production. In capitalism, the production of products is according to the situation in the market.
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: -Adam Smith. Adam Smith is considered the first theorist of what we commonly refer to as capitalism.
Detailed explanation-4: -CAPITALISM: an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.
Detailed explanation-5: -Capitalism or capitalist economy is referred to as the economic system where the factors of production such as capital goods, labour, natural resources, and entrepreneurship are controlled and regulated by private businesses.