[amp_mcq option1=”full employment” option2=”the private ownership of the means of production” option3=”an absence of monopoly” option4=”large-scale production in primary industries” correct=”option2″]
The correct answer is B. the private ownership of the means of production.
A capitalistic economy is an economic system in which the means of production are privately owned and operated for profit. In a capitalistic economy, businesses are free to compete with each other, and prices are determined by supply and demand.
Full employment is a situation in which everyone who is willing and able to work has a job. An absence of monopoly is a situation in which there is no single company or group of companies that has a dominant position in a market. Large-scale production in primary industries is a situation in which large companies produce goods such as food, minerals, and oil.
While full employment, an absence of monopoly, and large-scale production in primary industries are all desirable goals, they are not the basic characteristics of a capitalistic economy. The basic characteristic of a capitalistic economy is the private ownership of the means of production.