Capitalism is an economic system where the means of production are privately owned and operated for profit. In this system, individuals and businesses have the freedom to make their own economic decisions.
Related terms
Free Market Economy: An economic system where prices for goods and services are determined by the open market forces of supply and demand.
Entrepreneurship: The act of creating, managing, and taking risks in starting a business or enterprise.
Consumerism: A social phenomenon where individuals prioritize the acquisition of goods and services as a measure of personal well-being.