JAMB - Economics (2014 - No. 2)
In capitalist economies, questions about what to produce are ultimately answered by
income level of households
available technical skills in the economy
output decisions of firms
holding decision of households
Uitleg
Capitalism is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market—known as a market economy—rather than through central planning—known as a planned economy or command economy.