Capitalism And Its Efficiency | The Best Economic System?
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Capitalism can be defined as an economic system in which individuals or private businesses own capitals. In other words, business owners have control over their profits, as well as production factors – Entrepreneurship, capital good, natural resources and labor. This gives them the ability to run their companies efficiently.
Capitalism is the reason behind the best products for the best prices. Businesses provide goods which meet all the needs of customers and this way customers want to pay the highest price for what they want the most. There is a high competition among businesses which keeps the prices low and this way companies try to make their goods as efficient as possible to maximize their profit. (The Balance, 2020)
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