Capitalism is an economic system in which
A) the means of production and distribution are collectively owned.
B) all property is communally owned and no social distinctions are made on the basis of people's ability to produce.
C) the means of production are largely in private hands, and the main incentive for economic activity is the accumulation of profit.
D) None of these answers is correct.

Question

Quizplus · Accepted Answer

Capitalism is an economic system characterized by private ownership of the means of production and the pursuit of profit as the main incentive for economic activity. Options A and B describe collective ownership or communal ownership, which are features of socialism and communism, respectively. Option D suggests that none of the answers are correct, which is not the case as option C accurately describes capitalism.

Capitalism Is an Economic System in Which