Capitalism

Definition

An economic system characterized by private ownership of goods/services production with profit-making as primary aim. Prices are determined by competition in free market without government intervention.

Related terms

Free Market: An economic system where prices for goods and services are determined by open competition between businesses without government intervention.

Private Property: This refers to property owned by individuals or companies, not by the government or community.

Profit Motive: It's an incentive that encourages entrepreneurs to take risks in developing new products or services with the hope of making a profit.