Define Capitalism and Laissez Faire

Capitalism is an economic system characterized by private ownership of the means of production, where goods and services are produced for profit in a competitive market. It emphasizes individual entrepreneurship, consumer choice, and minimal government intervention. Laissez-faire, a principle within capitalism, advocates for minimal governmental regulation of the economy, allowing market forces to operate freely without interference. This approach promotes the idea that free markets lead to more efficient and innovative outcomes.