ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.

Detailed explanation-2: -The private sector consists of all privately owner, for-profit businesses in the economy. The private sector tends to make up a larger share of the economy in free market, capitalist based societies.

Detailed explanation-3: -A mixed economy is defined by the co-existence of a public and private sector.

Detailed explanation-4: -Capitalism refers to an economic system in which the means of production are privately owned and distribution of income is based on a free-market economy.

Detailed explanation-5: -As per capitalism meaning, individuals can privately own means of production. In capitalism, the production of products is according to the situation in the market. There is no centralized planning in capitalism by governments. Nevertheless, in modern times, governments do exercise some level of control.