SSC MTS EXAM

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: -Key Takeaways. The private sector consists of all privately owner, for-profit businesses in the economy. The private sector tends to make up a larger share of the economy in free market, capitalist based societies.

Detailed explanation-3: -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-4: -Co-existence of public and private sector, individual freedom and economic planning are the features of mixed economy.