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.

Detailed explanation-2: -A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention.

Detailed explanation-3: -The free market is an economic system based on supply and demand with little or no government control.

Detailed explanation-4: -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-5: -The four main types of economic systems are a pure market economy, a pure command economy, a mixed economy, and a traditional economy.