Capitalism, is an economic and social system characterized by private ownership of the means of production, profit motive, and free-market competition. In this system, individuals and businesses pursue their interests, with minimal government interference.
Capitalism promotes entrepreneurship, wealth accumulation, and economic growth, but also generates inequality and social disparities.
- Private Ownership: Individuals or entities own and control resources and businesses.
- Market-Based Economy: Prices and production determined by supply and demand.
- Profit Motive: Goal of generating profit and economic growth.
- Competition: Multiple businesses compete for market share and consumers.
- Limited Government Intervention: Minimal regulation in economic transactions.
- Consumer Choice: Buyers have freedom to choose goods and services.
- Entrepreneurship: Encourages innovation and new business ventures.
- Wealth Disparity: Income inequality can result from varying success levels.
- Risk and Reward: Potential for high profits but also financial losses.
- Economic Mobility: Opportunities for individuals to improve their financial status.
