Questions

Capitalism is an economic system in which private individuals or businesses own capital goods i.e, economy is characterized by private ownership of the means of production. The production of goods and services is based on supply and demand in the general market known as a market economy and not on central planning known as a planned economy.

Presidential elections are held every four years, in years divisible by four, in which electors for President are chosen by the method in the country.

Alexander Fyodorovich Kerensky was a Russian lawyer and revolutionary who was a key political figure in the Russian Revolutionof 1917. After the February Revolution of 1917 he joined the newly formed Russian Provisional Government

The classical economists believed in the existence of full employment in the economy. To them, full employment was a normal situation and any deviation from this regarded as something abnormal. According to Pigou, the tendency of the economic system is to automatically provide full employment in the labour market when the demand and supply of labour are equal.