In a capitalist system, the means of production is owned and controlled by

In a capitalist system, the means of production is owned and controlled by private individuals. This means that individuals, rather than the government or workers, own the factories, land, and other resources necessary to produce goods and services. The goal is to make a profit by producing goods and services that people are willing to pay for, rather than producing goods that the government or a central authority determines are needed. This allows for competition among producers, which is thought to increase efficiency and innovation.