1)...What is meant by an economy? Give the major characteristics of a capitalist economy.
(ans) Like a giant team making and sharing things (food, clothes, games) everyone needs and wants.
Private owners: Businesses and people own stuff (factories, farms).
Profit-driven: Everyone tries to make money by selling things.
Competition: Businesses race to make the best stuff for the best price.
Free choice: You decide what to buy and who to work for.
Limited government: Mostly hands-off approach, but sets some rules.
2)...Explain the types of economy based on ownership and control over means of production.
(ans)
Capitalist: Private owners run things for profit. Imagine your lemonade stand!
Socialist: Everyone owns through the government. Like sharing toys in a playgroup.
Mixed: Both private and government have a say. Like a school playground with shared swings and personal bikes.
there are only 5 questions, most of them i have already covered...