Economics · Capitalism
Which of the following best defines capitalism as an economic system?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A system where workers collectively manage all industries without any capital owners.
- 2A traditional system where production is based entirely on customs and barter trade.
- 3An economic system where the state completely owns and controls all means of production.
- 4An economic system where trade and industry are controlled by private owners for profit.✓
Correct answer
An economic system where trade and industry are controlled by private owners for profit.
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