JAMB - Economics (2018 - No. 50)
In a capitalist economy, factors of production are owned and controlled by the _____?
Citizen
Business Men
Government
Foreigners
توضیح
Capitalism or free market economy may be defined as the type of economic system in which the means of production are owned and controlled by private individuals that is; it is characterized by private ownership of the means of production. In this case, the private individuals play a greater role than the government in taking decisions on what to produce, how to produce, for whom to produce and the distribution of what has been produced.