Types of Economic Systems (Capitalism) - SS1 Economics Lesson Note

Capitalism is an economic system in which the means of production are privately owned and operated for profit. It is characterized by free market competition, where individuals and businesses compete to provide goods and services, and the price of those goods and services is determined by supply and demand. 

The main goal of capitalism is to create wealth and generate profit for private individuals and businesses. Capitalism emphasizes the importance of individual initiative, innovation, and entrepreneurship, and is often associated with a high degree of economic freedom.