GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Private sector
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Public sector
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Both A and B
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None of the above
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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: -A mixed economy is defined by the co-existence of a public and private sector.
Detailed explanation-3: -Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.
Detailed explanation-4: -In a capitalist economy, the role of government is very limited. The main functions of government, as given by Adam Smith, are to maintain law and order in a country, make national defense stronger, and regulate money supply. According to Smith, the market system administers various economic functions.