Capitalism is characterized by private ownership of resources and competitive markets from "summary" of Economics for Beginners by Andy Prentice,Lara Bryan
In a capitalist system, individuals and businesses have the freedom to own and control their own resources. This means that private ownership is a key feature of capitalism. Private individuals, rather than the government, own the resources needed to produce goods and services. This includes land, labor, and capital (such as machinery and equipment). One of the main advantages of private ownership is that it encourages people to use their resources more efficiently. When individuals own resources, they have a direct incentive to make the best use of them in order to maximize their own profits. This leads to increased productivity and economic growth. Another...
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