Capitalism is characterized by private ownership of the means of production and a market economy, where supply and demand determine the production and distribution of goods and services.

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Capitalism Refers to

Question 24

Multiple Choice

Capitalism refers to

A) an ideology that developed out of the Industrial Revolution advocating governmentalconcern with individuals' quality of life, including education, medical care, andstandard of living.
B) a theory that believes in government ownership and regulation of the major means ofproduction, that the government should regulate all sectors of the economy.
C) a belief in an economic system in which the major means of production are owned byindividuals, not by the government of the state. The economic philosophyemphasizes private ownership and a market economy.
D) a belief that all forms of government interfere with individual rights and should beabolished.

Correct Answer: