In a capitalist economy, factors of production are owned and controlled by the _____?

Assessment: JAMB UTME - Economics - 2018 Subject: Economics

Question 1 Report

In a capitalist economy, factors of production are owned and controlled by the _____?

 

Answer Details
Capitalism or free market economy may be defined as the type of economic system in which the means of production are owned and controlled by private individuals that is; it is characterized by private ownership of the means of production. In this case, the private individuals play a greater role than the government in taking decisions on what to produce, how to produce, for whom to produce and the distribution of what has been produced.
Read lesson note on Factors Of Production And Their Theories (JAMB)
View Answer

Related Questions

1

In the long run, all production factors are____________
2

Commercial bank reserves at the Central Bank____________
3

If the standard deviation of a given data is 8.2, find its variance_______________
4

A major determinant of the demand for a luxury good is____________?
5

The ultimate objectives of economics is to_________?
6

The privatization of public enterprises will lead to efficient management of resources in the economy. This statement can best be described as_____________
7

The savings deposit in a commercial bank is called____________?
8

The type of business finance that entitles the holder to a fixed rate of dividend is______________--

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning