Term of the Day for Friday, October 31, 2014


capitalism

  

Definition

Economic system based (to a varying degree) on private ownership of the factors of production (capital, land, and labor) employed in generation of profits. It is the oldest and most common of all economic systems and, in general, is synonymous with free market system.

Use capitalism in a sentence

  • Unlike socialism where the government is responsible for means of production and the management of economy, capitalism revolves around individuals owning and operating businesses for profit.

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