CAPITALISM: The economic system in which the means of production, exchange and distribution of goods and services are in the hands of private persons

Capitalism can be defined as an economic system in which the means of production, exchange and distribution of goods and services are in the hands of private persons, providing or borrowing the necessary capital and taking profits after all the costs of production have been met. That is the government’s participation in production is very low in capitalist economy. U.S.A is a good example of capitalist economy[date=2024-05-31 timezone=“Africa/Lagos”]

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