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 main types of economic systems: command, market, and mixed. We will briefly describe each of these three types.

Detailed explanation-3: -It is not organized by any central authority but is instead determined by the supply and demand of goods and services. The United States, England, and Japan are all examples of market economies.

Detailed explanation-4: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.