JAMB - Government (2003 - No. 10)
Capitalism is a system of economic organization based on
a mixed economy that takes all ineterests into consideration
individual ownership of the means of production
very fair distribution of the means of production
trading among people who own and control their items of trade
Explication
Capitalism is a system of economic organization based on individual ownership of means of production.
It is an economic and political ideology which allows individual ownership and control of the means of production and to produce what they like. The guiding principle is profit maximization.
It is an economic and political ideology which allows individual ownership and control of the means of production and to produce what they like. The guiding principle is profit maximization.