The Capitalist revolution - Capitalism defined: Private property, markets and firms

5 important questions on The Capitalist revolution - Capitalism defined: Private property, markets and firms

What are institutions in capitalism?

Institutions are different sets of laws and social customs that regulate production and distribution in families, private businesses and government bodies.

What is a centrally planned economic system?

An economic system where the government controls production and distribution

What or who might own private property?

An individual, a family, a business, or some entity other than the government
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In what way are markets voluntary?

The things exchanged are private property, so the exchange must be beneficial for both parties

What kind of firms make up a capitalist economy?

Restaurants, banks, large firms that pay others to work there, industrial establishments, supermarkets and internet providers

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