Capitalism is mainly linked with which idea?
Answer and explanation
Correct answer: Private property and market system
Capitalism is an economic system in which private ownership of property and productive resources, market exchange, competition and the possibility of profit play central roles. Governments may regulate capitalist economies, so it does not mean the complete absence of state action. Complete state control is more closely associated with centrally planned systems, while feudal loyalty and slave labour describe different historical arrangements. Thus A is best.
Frequently asked questions
What is the correct answer to this question?
Private property and market system
Why is this the correct answer?
Capitalism is an economic system in which private ownership of property and productive resources, market exchange, competition and the possibility of profit play central roles. Governments may regulate capitalist economies, so it does not mean the complete absence of state action. Complete state control is more closely associated with centrally planned systems, while feudal loyalty and slave labour describe different historical arrangements. Thus A is best.
Which subject and chapter does this question cover?
This is a Class 9 History question. Chapter: Socialism in Europe and the Russian Revolution. Topic: The Age of Social Change.
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