SSC
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional Economy System
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Market Economy System
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Free Enterprise
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Capitalism
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Detailed explanation-1: -Pure capitalism refers to an economic system that is private and free. In a pure capitalist system, private businesses compete in the market without any interference from the government. In contrast, in a mixed economic system, private property ownership is permitted but there is some governmental interference.
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. The essential feature of capitalism is the motive to make a profit.
Detailed explanation-3: -Capitalism, also called a free enterprise system, is based on private ownership and on individual economic freedom.