<P> In a capitalist economic system , production is carried out for private profit , and decisions regarding investment and allocation of factor inputs are determined by business owners in factor markets . The means of production are primarily owned by private enterprises , and decisions regarding production and investment are determined by private owners in capital markets . Capitalist systems range from laissez - faire , with minimal government regulation and state enterprise , to regulated and social market systems , with the aims of ameliorating market failures ( see economic intervention ) or supplementing the private marketplace with social policies to promote equal opportunities ( see welfare state ) , respectively . </P>
<P> In a capitalist economic system , production is carried out for private profit , and decisions regarding investment and allocation of factor inputs are determined by business owners in factor markets . The means of production are primarily owned by private enterprises , and decisions regarding production and investment are determined by private owners in capital markets . Capitalist systems range from laissez - faire , with minimal government regulation and state enterprise , to regulated and social market systems , with the aims of ameliorating market failures ( see economic intervention ) or supplementing the private marketplace with social policies to promote equal opportunities ( see welfare state ) , respectively . </P>
which economic system is based on private ownership of land and resources
which economic system is based on private ownership of land and resources
capitalist
capitalist