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Questions and Answers
What is the main driving force of capitalism?
What is the main driving force of capitalism?
- Social equality
- Profit motive (correct)
- Government intervention
- Collective ownership
What is a key feature of a free market economy?
What is a key feature of a free market economy?
- Freedom of economic choice (correct)
- Government control of production
- Collective decision-making
- Restricted private property rights
Which economy is characterized by the right to private property?
Which economy is characterized by the right to private property?
- Capitalist economy (correct)
- Command economy
- Mixed economy
- Socialist economy
In a capitalist economy, who determines economic activity?
In a capitalist economy, who determines economic activity?
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What type of ownership is emphasized in capitalism?
What type of ownership is emphasized in capitalism?
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Study Notes
Main Elements of Capitalism
- Driving Force of Capitalism: The pursuit of profit drives capitalism, motivating individuals and businesses to innovate and enhance efficiency.
- Free Market Economy: A key feature is that supply and demand dictate prices, allowing for competition and consumer choice.
- Private Property Rights: Capitalism is characterized by the legal right to own and trade private property, fostering individual ownership and freedom.
- Economic Activity Determination: In a capitalist economy, economic activities are mainly determined by private individuals and businesses rather than centralized government planning.
- Ownership Emphasis: Capitalism emphasizes private ownership over resources and businesses, encouraging personal investment and entrepreneurship.
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