Coded TV Business

BUSINESS:- CAPITALISM

According to google, capitalism is an economic system based on private ownership of the means of production and their operation for profit, it is also an  economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.

The capitalist economy is whereby private companies own capital goods and services.

There are various characteristics of capitalism which includes;

Private property
Recognition of property rights
Capital accumulation
Wage labour
Voluntary exchange
Price system
Competitive markets
In a capitalist economy, decision making and investment are determined by every owner of wealth, property, or production ability in financial and capital markets where prices and distribution of goods and services are mainly determined by the competition.
Benefits of capitalism should be considered which are listed below;
Creation of Jobs: Unemployment has eaten deep into Nigeria’s economy and capitalism should be allowed in order to create more jobs for the masses.
Financial Incentive: Evidence suggests that people work the hardest when there is a personal financial incentive. For instance, entrepreneurs take risks in setting up businesses because of the potential of financial freedom.
Rising living standards: Countries like china have grown their economies leading to the rise in living standards and a fall in levels of poverty (wiki).


Capitalism should be
permitted or given a chance in Nigeria’s economy, issues like unemployment, financial incapacitation, and low standard of living would cease to exist because issues like that would become minimal to the economy. Citizens would set up businesses and be more creative without thinking about falliable risks.

 

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