Shaun T. Dy's Business & Economics Perspective Blog

Dreamstime.com People tend to hate capitalism without knowing what it means. More often than not, capitalism is often confused with commercialism. However, we must know the difference between the two. It's very crucial to learn what the difference is aside from the spelling . We need to take a view of two socio-economic systems and why one isn't the other. Let's define capitalism in its plain simple terms Capitalism is simply defined by the  Investopedia  as: ...an economic system in which  private individuals or businesses own capital goods . The production of goods and services is based on  supply and demand  in the general market—known as a market economy—rather than through central planning—known as a planned economy or command economy. In short, capitalism's focus is that private individuals or businesses are in charge of production. In turn, these businessmen fill in the supply and demand gap of the market. The supply and demand gap starts from basic goods to good