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: -These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism.

Detailed explanation-3: -A mixed economy combines market and command economy elements, with both private and government ownership of resources and businesses and a mix of free markets and government intervention in economic decision-making.

Detailed explanation-4: -Mercantilism focused on political supremacy through national wealth accumulation, particularly through acquisition of precious metals, high exporting, and low importing. Capitalism is an economic system focused on building profit for private individuals and corporations via production of goods and services.

Detailed explanation-5: -Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources. Left to themselves, economies tend to combine elements of both systems.