What are the characteristics of capitalism? Select all that apply.The government sets prices and wages.Farms and factories are owned by private individuals.People are free to pursue their own self-interests.Supply and demand determine which goods, and how many, are produced.It is favored by philosopher Karl Marx.
Answer
A
The government sets prices and wages.
B
Farms and factories are owned by private individuals.
C
People are free to pursue their own self-interests.
D
Supply and demand determine which goods, and how many, are produced.
E
It is favored by philosopher Karl Marx.
Explanation
Capitalism is based on private ownership, so farms and factories are owned by individuals or businesses. People generally make economic choices in pursuit of their own interests, while supply and demand help determine what is produced and in what quantities. Government-set prices and wages are not defining features of capitalism, and Karl Marx criticized capitalism rather than favoring it.
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