"An economic system characterized by individual and corporate ownership of the means of production" is a definition of

Question

Quizplus · Accepted Answer

The definition provided describes capitalism, which is characterized by private ownership of businesses and resources with the goal of profit-making. Communism, on the other hand, is characterized by collective ownership of resources with the goal of creating a classless society. Liberalism is a political ideology that emphasizes individual freedoms and limited government intervention, but is not a specific economic system. Socialism is an economic system characterized by social ownership of means of production and the goal of reducing class inequality. Greed is a personal attribute and not an economic system.

"An Economic System Characterized by Individual and Corporate Ownership of the Means