WHAT IS CAPITALISM AND ITS FEATURES

What is capitalism?

CAPITALISM is a system of government whereby individual/group is allowed to own, manage and control any aspect of the economy according to his resources. Example of country that practice capitalism are, Nigeria, South Africa, America Ghana and lot more. This is a system of govt inwhich democracy is express, citizen is free to express himself and create opportunities for the country.

Features.

- Democracy.

- Motive for profit leads to corruption - This is basically giving us insight about how people misuse opportunity,when an individual motive is to make profit,he can do anything to make the profit.either by selling fake product or rubbing the govt

- Private ownership the citizens own his/her business, without the control of the government. All he or she need to do is to pay tax and other government revenue regularly.

Production of goods and services is for profit making and not for general use,that is goods and services produce are not meant to be shared or dashed out, because it's not (socialism)

Merit of capitalism.

- competitor is free so the people fully focused on boosting their business,they spent their time building the organization.

- there are usually more than one political party

- people are motivated and encourage which helps increase of  expertise and skills in different fields.

 - Economic is fast in certain areas. 

Demerit of capitalism.

- corruption.too much motivation towards profit leads to corruption,that is individual motive for making profit make him find money from all means either from legal source or illegal.

- creation of class, rich and poor class. 

- In capitalism there's duplication of economic while in socialism duplication and waste are avoided.

- The mode of production and profit gained by the owner of the mean production and distribution increase the gap between the Rich and the poor.