8. The belief that European people, their customs and traditions are better than any others is called A. mercantilism B. eurocentrism C. democracy 9. The correct definition of 'capitalism is

8. The belief that European people, their customs and traditions are better than any others is called **B. eurocentrism**.<br /><br />9. Capitalism is an economic system characterized by **private ownership of the means of production**, operated for **profit**, and where investments, distribution, income, production, and pricing of goods and services are determined primarily by the **free market** (supply and demand). It often involves **competition** between businesses and **wage labor**. There are many variations of capitalism with differing levels of government intervention and regulation.<br />