ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Capitalism refers to an economic system where private businesses can have ownership of capital goods. As per capitalism meaning, individuals can privately own means of production. In capitalism, the production of products is according to the situation in the market.

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: -capitalism, also called free market economy or free enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately owned and production is guided and income distributed largely through the operation of markets.

Detailed explanation-4: -Capitalism is an economic system characterized by private ownership of the means of production, especially in the industrial sector, with labor paid only wages. Capitalism depends on the enforcement of private property rights, which provide incentives for investment in and productive use of productive capital.

Detailed explanation-5: -The term “capitalism” in its modern sense is often attributed to Karl Marx. In his Das Kapital, Marx analyzed the “capitalist mode of production” using a method of understanding today known as Marxism.