Short note on the features of capitalism

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The capitalist system is an economic order in which all the means of production are privately owned and all economic activities are guided by the profit motive. The features of a capitalist economy are:

(i) Private ownership of means of production and law of inheritance. Means of production are owned by private individuals and ownership rights can be transferred to the legal heirs on the death of the individual.

(ii) Freedom of enterprise. Every individual has the freedom to carry out any occupation or trade at any place and to produce any commodity.

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