Which of the following best describes the term capitalism? it is a concept that holds, at a minimum, that all people are entitled to equal protection under the law. it is an economic system based on the private ownership of wealth-producing property. it is a set of political beliefs that include the advocacy of active government. it is an intrinsic property which measures the disregard for material possessions. it is a more popular term for the set of political beliefs known as liberalism.