Capitalism as an economic system, wealth distribution challenges, and the role of entrepreneurs in capitalism.
Capitalism is an economic system characterized by private ownership of production, voluntary exchange in free markets, and production based on demand. It replaced feudalism in the late Middle Ages, allowing private property and competition.
Early capitalist societies faced challenges in wealth distribution, including controlling prices, financial tools, and taxation. This contrasts with command socialist economies, where the state owns most resources.
Entrepreneurs play a crucial role in capitalism by utilizing factors of production and addressing issues of scarcity, choice, and opportunity cost.
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