This an economic system where the factors of productions are privately owned

Question

Judd

Social Studies

25 November, 15:32

This an economic system where the factors of productions are privately owned

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Madelynn Sanford · Answer 1

Capitalist economic system is an economic system where the factors of productions are privately owned.

Explanation:

The capitalist economic system is that economic system in which the resources and the factors of production are owned privately and are in the hands of private persons. The interference of the government in this form of economic system in minimum.

The major aim of this system is to maximize the profits and not to increase the welfare of the people of the country. It is also known as the free market economy where the producers want to increase their profit.