Definition of capitalism?

Capitalism is an economic system in which private individuals or businesses own and operate the means of production and distribute goods and services for profit in a free market. The system is based on the principles of supply and demand and competition, where prices are determined by the equilibrium between supply and demand. The goal of capitalism is to maximize profit, increase economic growth, and stimulate innovation, which can lead to improvements in standards of living. However, critics argue that capitalism can also lead to inequality, exploitation, and environmental degradation.

This mind map was published on 17 May 2023 and has been viewed 156 times.