what does capitalist economic system mean
Capitalism is an economic system in which trade, industry, and the means of production are privately owned and operated via profit and loss calculation (price signals) through the price system.he term capitalist mode of production is defined by private ownership of the means of production, extraction of surplus value by the owning class for the purpose of capital accumulation, wage-based labour, and, at least as far as commodities are concerned, being market-based.