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.
A situation in which all inputs are doubled and output also doubles is known as ...
Organization and entrepreneurship are vested in diferrent persons in a ...
The profit of a producer is the difference between ...
One of the advantages of capitalism is that ...
One of the major advantages of public enterprises is that ...
Price mechanism determines the prices of commodities through ...
In a rapidly growing economy, a change in technology which is labour saving is likely to cause ...
The power of trade union may be weakened when there is ...
Charging different prices for the same commodity is a feature of a ...
One of the characteristics of monopolistic competition is that ...