To obtain goods and services, people in a capitalist economy depend mostly on which of the following?

Question

Andrew Fletcher

Business

2 March, 05:59

To obtain goods and services, people in a capitalist economy depend mostly on which of the following?

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Answers (1)

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Devan Bird · Answer 1

People on the capitalist economy depend on land, labor, and capital

Explanation:

In capitalism, private undertaking controls the variables of creation, which incorporate land, employment, and capital. As opposed to a socialist framework where the government claims and controls these elements and in this way, sets generation levels and costs, privately owned businesses manage them in an entrepreneur framework and fixed prices and creation at levels that augment benefit and productivity.

The most significant parts of an entrepreneur framework are private property, private control of the components of creation, accumulation of capital, and rivalry.