ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Capitalism is an economic system based on private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labour, voluntary exchange, a price system, and competitive markets.

Detailed explanation-2: -In a market economy, almost everything is owned by individuals and private businesses-not by the government. Natural and capital resources like equipment and buildings are not government-owned. The goods and services produced in the economy are privately owned.

Detailed explanation-3: -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-4: -Private property, economic freedom, economic incentives, competitive markets, and the limited role of government are the characteristics of a free enterprise system. Private property: Private property means that individuals can own and make decisions about the use or sale of land, personal property, and other assets.