Ideal capitalism is based on the pursuit of collective goals rather than on personal profits. Equality in decision making replaces hierarchical relationships. Everyone shares in the goods and services of society, especially necessities such as food, clothing, shelter, and medical care, based on need, not on ability to pay. True / False.

Question

Social Studies

Friedman

3 September, 16:01

Ideal capitalism is based on the pursuit of collective goals rather than on personal profits. Equality in decision making replaces hierarchical relationships. Everyone shares in the goods and services of society, especially necessities such as food, clothing, shelter, and medical care, based on need, not on ability to pay. True / False.

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Answers (1)

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Damon White · Answer 1

The answer is false.

Explanation:

Capitalism refers to an economic system that is mainly based on private ownership related to the different means of production. The main characteristics concerning capitalism include private property, capital accumulation, wage labor, voluntary exchange, among others.

In an economy that is based on capitalism, decision-making, as well as investments, are established by every owner that is in charge of wealth, property or production ability concerning financial and capital markets.