Visit: MeTee.com Support this Youtube channel and Design&Publish a T-Shirt using the link above. This channel is brought to you by MeTee T-Shirts: T-shirt design in seconds&always free shipping. - Sunday August 7 2011 11:59 am www.msnbc.msn.com Capitalism is an economic system in which the means of production are privately owned and operated for profit, usually in competitive markets. Income in a capitalist system takes at least two forms, profit on the one hand and wages on the other. There is alsoa tradition that treats rent, income from the control of natural resources, as a third phenomenon distinct from either of those. In any case, profit is what is received, by virtue of control of the tools of production, by those who provide the capital. Often profits are used to expand an enterprise, thus creating more jobs and wealth. Wages are received by those who provide a service to the enterprise, also known as workers, but do not have an ownership stake in it, and are therefore compensated irrespective of whether the enterprise makes a profit or a loss. In the case of profitable enterprise, profits are therefore not translated to workers except at the discretion of the owners, who may or may not receive increased compensation, whereas losses are not translated to workers except at similar discretion manifested by decreased compensation. There is no consensus on the precise definition of capitalism, nor on how the term should be used as a historical category. There is_b_..._/b_
