ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market Economy
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Supply and Demand
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Freedom of Competition
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Classless Society
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Detailed explanation-1: -These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism.
Detailed explanation-2: -Capitalist societies are stratified into classes, hierarchies of power and privilege related to the ownership and control of various forms of capital.
Detailed explanation-3: -Capitalism has many unique features, some of which include a two-class system, private ownership, a profit motive, minimal government intervention, and competition.
Detailed explanation-4: -Private Property and Freedom of ownership: Right of Private Property: Price Mechanism: Profit Motive: Competition and Co-operation Goes Side by Side: Freedom of Enterprise, Occupation and Control: Consumer’s Sovereignty: It arises Class Conflict: More items