WORLD HISTORY

Detailed explanation-1: -Market economies work using the forces of supply and demand to determine the appropriate prices and quantities for most goods and services in the economy.

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.

Detailed explanation-3: -A market economy is one in which the allocation of resources and the prices of goods and services are determined by market forces, primarily supply and demand.

Detailed explanation-4: -A planned economy is a type of economic system where the distribution of goods and services or the investment, production and the allocation of capital goods takes place according to economic plans that are either economy-wide or limited to a category of goods and services.

Detailed explanation-5: -Capitalism is an economic system characterized by private ownership of the means of production, especially in the industrial sector, with labor paid only wages.