GENERAL KNOWLEDGE

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: -Mercantilism focused on political supremacy through national wealth accumulation, particularly through acquisition of precious metals, high exporting, and low importing. Capitalism is an economic system focused on building profit for private individuals and corporations via production of goods and services.

Detailed explanation-3: -These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism.

Detailed explanation-4: -Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources. Left to themselves, economies tend to combine elements of both systems.

Detailed explanation-5: -Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government. Socialism is based on the idea that common or public ownership of resources and means of production leads to a more equal society.