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Capitalism is a system of economic organization based on

Government
JAMB 2003

Capitalism is a system of economic organization based on
  • A. a mixed economy that takes all ineterests into consideration
  • B. individual ownership of the means of production
  • C. very fair distribution of the means of production
  • D. trading among people who own and control their items of trade
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Correct Answer: Option B
Explanation
Capitalism is a system of economic organization based on individual ownership of means of production.

It is an economic and political ideology which allows individual ownership and control of the means of production and to produce what they like. The guiding principle is profit maximization.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789