Capitalism is an economic system in which the non-labor factors of production (capital, land, etc.) are privately owned, labor is viewed as a commodity to be traded in a labor market, profits act as incentives for producers, and producers must compete in open markets for consumers of their goods and services. The demands of the economic market determine prices, supply, production, and consumption without the interference of government regulations.
Useful Links:
www.wikipedia.org/wiki/capitalism
Monday, April 19, 2010
Word of the Week: Capitalism
