What Are The Principal Characteristics Of A “pure” Capitalist Sys

1.	What Are The Principal Characteristics Of A “pure” Capitalist System?
Answer» The principal characteristics of a “pure” capitalist system are: The factors of PRODUCTION—land, labour and capital—are privately owned, and production OCCURS at private initiative. FREE enterprise is merely an extension of the concept of property rights. Consumer’s sovereignty where consumers have complete freedom of choice of consumption. The individual is free to choose any occupation he is QUALIFIED for. The freedom to save is implied in the freedom of consumption, for SAVINGS depend on income and consumption. The market mechanism is the key factor that regulates the capitalist economy. Competition among sellers and buyers is an essential feature of an ideal capitalist system The absence of a central plan. The principal characteristics of a “pure” capitalist system are:

What Are The Principal Characteristics Of A “pure” Capitalist System?

Answer»

The principal characteristics of a “pure” capitalist system are:

The factors of PRODUCTION—land, labour and capital—are privately owned, and production OCCURS at private initiative.
FREE enterprise is merely an extension of the concept of property rights.
Consumer’s sovereignty where consumers have complete freedom of choice of consumption.
The individual is free to choose any occupation he is QUALIFIED for.
The freedom to save is implied in the freedom of consumption, for SAVINGS depend on income and consumption.
The market mechanism is the key factor that regulates the capitalist economy.
Competition among sellers and buyers is an essential feature of an ideal capitalist system
The absence of a central plan.

The principal characteristics of a “pure” capitalist system are: