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Topic Content:
- Definition of Capitalism
- Characteristics of Capitalism
- Answers to the Basic Economic Problems under the Capitalist System
What is Capitalism?
This is an economic system in which the basic resources, or means of production, are owned by private individuals. This economic system is based on acquiring private property, mostly for private use.
Under this system, the allocation of goods and services is done properly by the price system, or by the interactive movement of the forces of demand and supply. Capitalism is also referred to as free enterprise or market.
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