WAEC Government 2014 Theory — Question 2

Question 2 of 13 from the West African Examinations Council (WAEC) Government 2014 Theory paper, with the correct answer and a full explanation.

2(a). Define capitalism. (3 marks)

Model answer

Capitalism is an economic and political system that allows for private ownership of the means of production and exchange, based on the idea of limited government; it frowns on state control of the economy.

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