JAMB - Government (2011 - No. 5)
Private ownership of the means of production is central to
fascism
feudalism
capitalism
communism
Explication
Private ownership of the means of production is central to capitalism.
It should be recalled that Capitalism is an economic/political system where private individuals control and own the means of production, exchange and distribution of goods and services. In this system, the profit controls production and free competition is allowed.
It should be recalled that Capitalism is an economic/political system where private individuals control and own the means of production, exchange and distribution of goods and services. In this system, the profit controls production and free competition is allowed.