INTER WAR YEARS 1919 TO 1939
THE GREAT DEPRESSION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mass production of goods
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Government control of prices
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Private ownership of property
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Labor unions right to collectively bargain
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Detailed explanation-1: -The correct answer is The private ownership of the means of production. 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.
Detailed explanation-2: -Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor.
Detailed explanation-3: -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-4: -The capitalist economy refers to an economic environment characterized by competition, property ownership, and free enterprise systems.
Detailed explanation-5: -It classifies capitalist economies into four categories: oligarchic capitalism, state-guided capitalism, big-firm capitalism, and entrepreneurial capitalism.