Capitalism — key features?
Market, profit, self-interest drive economy.
Private property - capitalism
Ownership of businesses and property by individuals.
Supply and demand — price change?
High demand + low supply raises price.
Profit motive - capitalism
Driving force to earn money or benefit oneself.
Supply and demand - capitalism
Prices set by market forces of supply and demand.
Collective ownership - socialism
Society or government owns major resources.
Economic equality - socialism
Aim to reduce wealth gap among citizens.
Technofeudalism - key feature
Big tech power and data economy dominance.
Comparison - systems
Capitalism, socialism, technofeudalism differ in ownership and control.
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1. What does the profit motive in capitalism refer to?
2. What is a key characteristic of capitalism as a economic system?
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