Capitalism is an economic system based on public ownership of property and a command economy
True or False???
And your answer is?
It seems to me you should be reading your text, rather than fishing for answers on Jiskha!
I didn't mean to put this on twice sorry!!
False. Capitalism is actually an economic system based on private ownership of property and a market economy. To understand this, let's break it down:
1. Private ownership of property: In a capitalist system, individuals, businesses, or organizations have the right to own and control property, including land, resources, and means of production. They can use, trade, or sell that property for profit.
2. Market economy: Capitalism is characterized by a market economy, where the prices of goods and services are determined by supply and demand. In this system, individuals and businesses interact in free markets, making voluntary exchanges and pursuing their own self-interest.
On the other hand, a command economy is typically associated with socialism or communism, where the government owns and controls property/resources and decides what goods and services should be produced, how they should be produced, and how they should be distributed.
In summary, capitalism is based on private ownership of property and a market economy, while a command economy involves public ownership of property.