ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Market economies work using the forces of supply and demand to determine the appropriate prices and quantities for most goods and services in the economy.

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.

Detailed explanation-3: -Characteristics of Mixed Economies A mixed economy has three of the following characteristics of a market economy. First, it protects private property. Second, it allows the free market and the laws of supply and demand to determine prices.

Detailed explanation-4: -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.

Detailed explanation-5: -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.