In a capitalist system goods are produced for those who

Assessment: WAEC SSCE - Economics - 2005 (Objective) Subject: Economics

Question 1 Report

In a capitalist system goods are produced for those who
Answer Details
In a capitalist system, goods are produced for those who want them and can also pay for them. This means that producers create goods and services that they believe people will want to buy, and then sell them to those who have the ability and willingness to pay. The aim of producers is to make a profit, which means they want to sell as many goods as possible to those who are willing and able to buy them. In other words, the capitalist system is driven by the principles of supply and demand, where goods are produced based on what people want and are willing to pay for.

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