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Question
A capitalistic economy is also known as ______________.
A capitalistic economy is also known as ______________.
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Solution
The correct option is D All the three
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labour, voluntary exchange, a price system and competitive markets. Capitalism is often referred to as a free market, economy, market economy or Laissez-faire economy as there is freedom of choice and limited government influence.The advantages of capitalism include: Consumer choice - Individuals choose what to consume, and this choice leads to more competition and better products and services. The efficiency of economics, Goods and services produced based on demand create incentives to cut costs and avoid waste.
Hence, D is the correct option.
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labour, voluntary exchange, a price system and competitive markets. Capitalism is often referred to as a free market, economy, market economy or Laissez-faire economy as there is freedom of choice and limited government influence.
The advantages of capitalism include: Consumer choice - Individuals choose what to consume, and this choice leads to more competition and better products and services. The efficiency of economics, Goods and services produced based on demand create incentives to cut costs and avoid waste.
Hence, D is the correct option.
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