An economic system in which the major means of production are owned and controlled by a few individuals is called

Assessment: JAMB UTME - Government - 1994 Subject: Government

Question 1 Report

An economic system in which the major means of production are owned and controlled by a few individuals is called
Answer Details
An economic system in which the major means of production are owned and controlled by a few individuals is called capitalism. In a capitalist system, private individuals and corporations own and control the means of production such as factories, land, and machinery, and use these resources to produce goods and services for sale in the market. The goal of capitalism is to generate profit for the owners and shareholders, who have a strong incentive to innovate and compete to increase their profits.
Read lesson note on Political Ideologies (JAMB)
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