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26 January, 06:00

The basic characteristics of a pure capitalist system include the private ownership of the means of production and economic activity is coordinated through a system of markets and prices. True or False?

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  1. 26 January, 08:45
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    Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets.
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