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.
Demand for a factor of production is ...
A company's expenditure on raw materials is termed as_______? ...
Which of the following is capable of increasing the population of a country? ...
In Nigeria, the government can reduce the cost of accommodation by fixing the rent ...
Which of the following is the function of a central bank? ...
Which of the following statements is not true of cheques? They ...
Which of the following does not apply to private companies? ...