“An economic and political system in which the trade and industry of a country is controlled for profit by private owners, not by the state”

Capitalism is an economic system based on three things: labor wage (working for a wage), private ownership or control of the means of production (such as factories, machinery, farms, and offices), and exchange and production for profit.

Capitalism is an economic system in which private individuals or companies own capital goods.

 In the general market, the production of goods and services is based on supply and demand rather than through central planning.

Some of the capitalist countries:

Singapore, New Zealand, Switzerland, Australia, Ireland, Estonia, United Kingdom, Canada, United Arab Emirates.

Read:

What are some economic terms that everyone should know?