Mention the features of the capitalist economic system.

Following are the features of a capitalist system:

a. Private property

Individuals are free to own, sell and transfer their property for profit-making purposes.

b. freedom of enterprise

People are free to choose their occupation. Use their resources to produce whatever they wish and sell it in any market for maximum profitability.

c. Consumer’s Sovereignty

Consumers have supreme power and they influence what the producers would produce. Buyers are free to buy whatever they want to satisfy their needs.

d. Profit motivation

Everyone in this system tries to maximize their wealth through owning resources and utilizing them in such a way that maximizes their profits.

e. Competition, Markets, and prices

There is intense competition and the market forces of demand and supply operate to determine prices of goods and services.

f. The absence of government interference

Government interference in the operation of markets and price determination doesn’t exist or is very minimal.