what are the characteristcs or features of capitalism.
http://en.wikipedia.org/wiki/Capitalism
Capitalism is an economic system characterized by several key features:
1. Private ownership of resources and means of production: In a capitalist system, individuals or private entities have the right to own and control private property, such as land, factories, and businesses.
2. Free market economy: Capitalism relies on the allocation of resources through voluntary exchanges in markets. Prices are determined by supply and demand, guiding the distribution of goods and services.
3. Profit motive: Capitalism encourages individuals and businesses to pursue self-interest and maximize profits. Profits incentivize innovation, efficiency, and investment.
4. Competition: Capitalism fosters competition among businesses, which benefits consumers by promoting innovation, lower prices, and improved quality.
5. Economic freedom: Capitalism emphasizes individual freedom and personal choice, allowing individuals to make decisions regarding their labor, consumption, and investment.
6. Limited government intervention: Capitalism generally advocates for minimal government interference in economic affairs, with the recognition that the free market is the most efficient allocator of resources.
These characteristics define the essence of capitalism, but it is important to note that there are different variations and degrees of capitalism practiced in different countries around the world.