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State the typical characteristics of capitalist …

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State the typical characteristics of capitalist economy, sInce when has it emerged having all these typical characteristics?

Posted by Doly Jagat 3 years, 6 months ago

CBSE > Class 12 > Economics

1 answers

Meghna Thapar 3 years, 6 months ago

Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange and wage labor. People often use the terms free enterprise, free market, or capitalism to describe the economic system of the United States. A free enterprise economy has five important characteristics. They are: economic freedom, voluntary (willing) exchange, private property rights, the profit motive, and competition.

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