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Capitalism is the stystem whereby private owners own the means of production; contrasting with communism where it is owned by the state or 'the people.'
However it is not as clear cut as that, as in several mixed economies different means of production are owned by the private or public sector; do acknowledge that there is no 100% communist or capitalist system that has ever worked or been suggested as a viable possibility.
What else can I help you with?
What system puts the means of production in the hands of private owners?
Capitalism
Ask us anythingIn what system do private owners control production?
Private owners control production in a capitalist economic system. In capitalism, individuals or businesses own and operate the means of production, allowing them to make decisions about what to produce, how to produce it, and for whom. This system is characterized by free markets, competition, and limited government intervention in economic activities.
What system puts the means of productions in the hands of private owners?
Capitalism
Capitalism is an economic system based on?
Ownership of the means of production by a small minority; wages system; production for sale and profit; exploitation
capitalism?
an economic system based on open competition in a free market, in which individuals and companies own the means of production and operate for profit
What does a capitalist economy system encourage?
private business ownership
What is capitalism in sociology?
An economic system based on the private ownership of the means of production and distribution in which the goal is to produce profi
What did Karl marx call owners of the mean of production?
The 'bourgeoisie' are the owners and controllers of the means of production according to Karl Marx.
Under which economic system would factors of production most likely be owned by the government?
Communism is one chief example where production is a ward of the state. In this system the means to production and national resources are communal rather than private property.
System in which private citizens control property and economic activity?
Capitalism is just one of many systems in which a tiny minority of private persons control the means of production.
History can anyone help with capitalism what it means in your words?
Capitalism is an economic and political system. This is when countries trade and industry are controlled by private owners for profit and not the state.
Capitalism is a competitive economic system in which private citizens own the factors of production?
No, as it’s possible for the state to own some or most of the means of production. This would be state capitalism
