USA HISTORY

Detailed explanation-1: -The two fundamental aspects of market economies are private ownership of the means of production and voluntary exchanges between economic actors. Market economies are closely associated with capitalism.

Detailed explanation-2: -The production of goods and services under capitalism is based on supply and demand in the general market-known as a market economy-rather than through central planning-known as a planned economy or command economy. The purest form of capitalism is free market or laissez-faire capitalism.

Detailed explanation-3: -A purely capitalist economy is also a free market economy, meaning the law of supply and demand, rather than a central government, regulates production, labor, and the marketplace.

Detailed explanation-4: -A mixed economic system is an economy in which there exists private ownership by businesses and individuals (i.e., capitalism), but in which there is some degree of state involvement (i.e., socialism).