Explain capitalism in few words
Economics
ScanSolve AI Answer
Capitalism is an economic system where private individuals or businesses own the means of production (e.g., factories, land, resources). Production is guided by the pursuit of profit in a free market economy, with prices and wages determined by supply and demand.
Was this helpful?
Still stuck on this one?
Ask a follow-up, and the answer starts from this question.
Got a different question?Ask your own question
More Economics Questions
QExplain capitalism and socialism, stating four characteristics of each.QWhich of the following options is a distinctive feature of capitalism?QExplain (4) differences between Capitalist and economic systems.QList two advantages and two disadvantages of Capitalism.QIn a capitalist system, the means of production are owned and controlled by
Handwritten Step-by-Step Solution
Get this as a handwritten image on WhatsApp — like a tutor wrote it for you.
Try on WhatsApp