Capitalism

Capitalism = is where a country’s trade and industry are controlled by private owners for
profit, rather than by the state. The main institutions of capitalism are private property,
markets, and firms.
Capitalism = Private property + Markets + Firms
Private property = ownership rights over possessions
Markets = is any structure that allows buyers and sellers to exchange any type of goods,
services and information. They are reciprocated and voluntary.
Firms = A business organisation that uses inputs to produce outputs, and sets prices to at
least cover production costs.

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