3.Mixed Economy (Mixed Economy)
Capitalist Economy (Capitalism)
Capitalism is an economic system in the which trade, industry, and means of production are largely or entirely privately owned and operated for profit. Central characteristics of Capitalism include capital accumulation, competitive markets and wage labour . In a Capitalist economy, the parties to a transaction typically determine the prices at which assets, goods, and services are exchanged.
The degree of competition, role of intervention and regulation, and scope of public ownership varies across different models of Capitalism. The extent to which different markets are free, as well as the rules defining private property, is a matter of politics and policy. Many states have what are termed capitalist mixed economies, referring to a mix between planned and market driven elements