I'm hoping to answer the following question base on the content from the textbook "McKenzie & Lee. Microeconomics for MBAs, The Economic Way of Thinking for Managers, 3rd.ed. Cambridge University Press." other sources can be added but I will need to have the source as the citation. Please don't provide the answer from Chat GPT because I already ask it on Chat GPT a

Forum Discussion Assignment:

One of the most important aspects of this course is capitalism. Based on our understanding thus far, how would you define the capitalistic economic system - what are the primary factors of a capitalistic system and how does it work?