The term "capitalism" refers to which of the following?
A) A religion based on amassing capital.
B) An economic system characterized by private ownership of resources, and decentralized market allocation.
C) An economic system characterized by government ownership of resources and centralized allocation.
D) None of the above answers are correct.

Question

Quizplus · Accepted Answer

Capitalism is an economic system characterized by private ownership of resources and decentralized market allocation. It involves businesses and individuals owning and controlling the production and distribution of goods and services, with prices determined by supply and demand in a free market. It is distinguished from other economic systems like socialism, which involves government ownership of resources and centralized allocation.

The Term "Capitalism" Refers to Which of the Following