In capitalism, the land, labor, capitaland all other resources, are owned, operated and traded by private individuals or corporationsfor the purpose of profit,An economic system based on a free market, open competition, profit motive and private ownership of the means of production. Capitalism encourages private investment and business. the profit motive is basic to economic life.systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy. unlike Capitalismwhich is based on competition, seeks a cooperative society in which the means of production and distribution are owned by the government or collectively by
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