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: -There are three types of economic systems: capitalist, socialist, and mixed economy. The means of production are owned and managed by private players in a capitalist economy, by the government in a socialist economy, and by both private players and the government in a mixed economy.

Detailed explanation-3: -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-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: -A market economy is an economic system in which individuals, rather than the state, own most of the resources. This includes land, labor, and capital. In a market economy, individuals control the use and price of these resources through voluntary decisions made in the marketplace.