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JAMB Government 2003 Question 10

Question 10

Political Ideologies

Capitalism is a system of economic organization based on

  1. A.a mixed economy that takes all interests into consideration
  2. B.individual ownership of the means of production
  3. C.very fair distribution of the means of production
  4. D.trading among people who own and control their items of trade.
Show the answer and explanation

Answer: B (individual ownership of the means of production)

Explanation

Under capitalism, land, factories and other means of production are owned privately by individuals and firms, who run them for profit.