Feel free to come up with a better definition. It’s the one you’ll find in most dictionaries and textbooks. Of course there are more elements to it depending on the exact philosophy (more or less free market et al), but in the end, it all boils down to exactly that ¯\_(ツ)_/¯
Without additional qualifications on the term capitalism, that is a terrible definition of capitalism.
Feel free to come up with a better definition. It’s the one you’ll find in most dictionaries and textbooks. Of course there are more elements to it depending on the exact philosophy (more or less free market et al), but in the end, it all boils down to exactly that ¯\_(ツ)_/¯