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Questions and Answers
What are the characteristics of capitalism?
Private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and distribution of goods determined mainly by competition in a free market.
How does capitalism differ from communism in terms of means of production?
In capitalism, the means of production are held by private individuals or organizations, not the government, while in communism, they are typically held by the state or community.
What does democracy refer to, and how does it relate to capitalism?
Democracy refers to a system of government in which supreme power is vested in the people and exercised through a system of direct or indirect representation decided through periodic free elections. It is not an economic system but can coexist with capitalism.
