Question on: JAMB Government - 2011
Private ownership of the means of production is central to
A
fascism
B
feudalism
C
capitalism
D
communism
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Correct Option: C
Private ownership of the means of production is central to capitalism.
It should be recalled that Capitalism is an economic/political system where private individuals control and own the means of production, exchange and distribution of goods and services. In this system, the profit controls production and free competition is allowed.
It should be recalled that Capitalism is an economic/political system where private individuals control and own the means of production, exchange and distribution of goods and services. In this system, the profit controls production and free competition is allowed.
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