ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is economic freedom? Economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please.

Detailed explanation-2: -Capitalism is an economic system providing free choice and individual incentive for workers, investors, consumers, and business enterprises.

Detailed explanation-3: -Physical limits. A finite world of finite resources will not support indefinite growth in the extraction of those resources. In the case of non-renewable resources such as mined minerals and fossil fuels, whose stocks are finite, we obviously cannot continue extraction indefinitely: we simply run out of materials.

Detailed explanation-4: -Hong Kong and Singapore retain the top two positions with a score of 8.91 and 8.71 out of 10, respectively. The rest of this year’s top scores are New Zealand, Switzerland, United States, Ireland, United Kingdom, Canada, Australia, and Mauritius.