In a capitalist economy, factors of production are owned ...
In a capitalist economy, factors of production are owned and controlled by the _____?
Citizen
Business Men
Government
Foreigners
Correct answer is 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.
Manufacturing involves the process of ...
In a socialist economy, the means of production is owned and controlled by the ...
The table shows the wage distribution of workers. Calculate the mean wage ...
The privatization exercise in Nigeria is a move towards a ...
The demand for a commodity that serves two or more purposes is ...
Labour can be efficient when there are ...
The average tax rate is defined as ...
A change in National Income brought about by a given change in investment is ...