The most significant aspects of capitalism are private control of the factors of production, private property, competition and accumulation of capital. Put simply, market forces control a capitalist system.
The right to private property is an essential tenet of capitalism. People cannot amass capital if they are not permitted to own anything. They cannot either buy or sell things. As long as property owners stay within the parameters of the law, they may do what they want with their property,
In capitalism, the factors of production are controlled by private enterprise, which include land, capital and labor. A common pointer of whether the factors of production are publicly or privately controlled is what happens to surplus product. In capitalist, surplus product is held by the producer who uses it to achieve additional profit while in communism, it is distributed to society.
In a capitalist system, aim of the people is to make profit. Advocates of communism consider this selfish and greedy. However, capitalists see amassing profit as a way to offer an incentive to work harder, produce things more efficiently and innovate more.
Competition is another important attribute of capitalism. Private businesses compete to offer consumer with goods and services that are faster, cheaper and better. The principle of competition is to make businesses offer their product at lowest prices and maximise efficiency.