In a capitalist economy factors of production a... - JAMB Economics 2018 Question
In a capitalist economy, factors of production are owned and controlled by the _____?
A
Citizen
B
Business Men
C
Government
D
Foreigners
correct option: b
Capitalism or free market economy may be defined as the type of economic system in which the means of production are owned and controlled by private individuals that is; it is characterized by private ownership of the means of production. In this case, the private individuals play a greater role than the government in taking decisions on what to produce, how to produce, for whom to produce and the distribution of what has been produced.
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