Theory question 101
Political Ideologies(a) What is Capitalism?
(b) Outline any five features of capitalism.
Show the model answer
Model answer
(a) An economic and political system in which the means of production, distribution and exchange are privately owned and run for profit, with little government interference.
(b) Any five: private ownership of property and means of production; profit motive; prices set by market forces of demand and supply; free competition; consumer sovereignty/freedom of choice; free enterprise (anyone may start a business); labour sold for wages; inequality of income and class division; limited state role in the economy.
Explanation
Define first, then give five separate features, each with one sentence.