Question on: JAMB Government - 2003
Capitalism is a system of economic organization based on
A
a mixed economy that takes all ineterests into consideration
B
individual ownership of the means of production
C
very fair distribution of the means of production
D
trading among people who own and control their items of trade
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Correct Option: B
Capitalism is a system of economic organization based on individual ownership of means of production.
It is an economic and political ideology which allows individual ownership and control of the means of production and to produce what they like. The guiding principle is profit maximization.
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