ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Capitalism is the dominant economic system in Western countries. In comparison, fewer countries use socialist economic systems. As of 2020, only Laos, China, Cuba, and Vietnam claimed to follow the principles of socialism as dictated by Marxist and Leninist theories.

Detailed explanation-2: -The mixed economy definition is an economy where both the private market and the government control the factors of production. It is the most common form of economy that exists in the world today.

Detailed explanation-3: -Over the last 300 years, capitalism has become the main economic system in our world . With capitalism, the means of production (the things needed to produce products and services) are owned and controlled by businesses or individuals, rather than the government .

Detailed explanation-4: -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-5: -Singapore (Freedom score: 89.7) New Zealand (83.9) Australia (82.4) Switzerland (81.9) Ireland (81.4) Taiwan (78.6) United Kingdom (78.4) Estonia (78.2) More items