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GOVERNMENT

JAMB 2003 - Question 10

Government 2003 JAMB Past Questions - Question 10: Capitalism is a system of economic organization based on

Choose the most appropriate option for the gap .

Capitalism is a system of economic organization based on

A: a mixed economy that takes all interests into consideration

B: individual ownership of the means of production

C: very fair distribution of the means of production

D: trading among people who own and control their items of trade

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Correct Answer

Explanation

capitalism is a system of economic organization based on individual ownership of means of production.it is a political and economic ideology which allows individuals ownership and control of means of production and to produce what like. the guiding principle is profit maximization.