What Are the Three Defining Traits of Capitalism

question 14

Short Answer

What are the three defining traits of capitalism?

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Definitions:

Durable Goods

Products that are intended to last for a significant amount of time, such as appliances, cars, and furniture, as opposed to consumer goods which are consumed quickly.

Nondurable Goods

Products with a limited lifespan, intended for consumption or use over a short period, such as food or paper products.

Tangible Attributes

Physical features or characteristics of a product that can be directly perceived by the senses, such as size, shape, color, or weight.

Intangible Attributes

Characteristics of a product or service that cannot be physically touched or seen, such as the brand reputation or the level of customer service.