Which of the following is a characteristic of capitalism?

Question

Quizplus · Accepted Answer

Capitalism is an economic system that is characterized by private ownership of property, individual decision-making, and a free market system. One of the key features of capitalism is market competition, where businesses compete against each other to produce goods and services that consumers want, in order to make a profit. This competition is believed to drive innovation, efficiency, and lower prices for consumers. Therefore, among the given options, the best choice that characterizes capitalism is E) Market competition.

Which of the Following Is a Characteristic of Capitalism