ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Capitalism is a widely adopted economic system in which there is private ownership of the means of production.

Detailed explanation-2: -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-3: -In a free enterprise economy, prices are determined by the forces of supply and demand. Food is produced through commercial agriculture in which farmers grow food to sell to others, while goods are manu-factured through commercial industries. E. In a communist economy, the government owns and operates all businesses.

Detailed explanation-4: -Socialism is a social and economic doctrine that calls for public rather than private ownership or control of property and natural resources.

Detailed explanation-5: -communism, political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of at least the major means of production (e.g., mines, mills, and factories) and the natural resources of a society.