State the main features of a capitalist economy.
Asked by Topperlearning User | 15th Apr, 2015, 03:17: PM
The main features of a capitalist economy are:
- In a capitalist economy, individuals are free to own and control economic resources. Everyone is independent to choose his/her own business, profession and occupation.
- The people’s economic activities may or may not be controlled by the government.
- Prices of the commodities are determined by the interaction of demand and supply. The government does not interfere in the determination of the prices.
- Profit and earning more and more income is the purpose of all economic activities.
- Individuals have the right to earn income, acquire assets and also to retain them.
- Consumer is the sovereign in a capitalist economy.
- Inequality of income and class struggles are important features of this economy.
Answered by | 15th Apr, 2015, 05:17: PM
Kindly Sign up for a personalised experience
- Ask Study Doubts
- Sample Papers
- Past Year Papers
- Textbook Solutions
Verify mobile number
Enter the OTP sent to your number