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.

Detailed explanation-2: -The socialist economy has the following main features. In a Socialist economy means of production are owned by the government on behalf of the people. The institution of private property is abolished and no individual is allowed to own any production unit and accumulate wealth and transfer it to their heirs.

Detailed explanation-3: -Property rights refer to a social concept that includes the principle of ownership and recognizes the use of the owned property. In short, property rights acknowledge that a person or entity can exclusively control an asset and the benefits that it generates. These rights can best be illustrated as a bundle of rights.

Detailed explanation-4: -Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.

Detailed explanation-5: -The essential elements of market economies are private property, specialization, consumer sovereignty, seller competition, seller profit, voluntary exchange, and minimal government involvement.