00:01
Hello students, we are given a question.
00:02
We need to define all those economic terms.
00:04
Okay, first of all, we will come to the capitalism.
00:07
Okay, first of all, we are given as capitalists.
00:10
We need to define it.
00:12
Capitalism is all about an economic system.
00:15
Okay, students, in which a society's means of, in which a society's means of production are contained or can be said as held by our private organizations or can be said as private individuals, okay? it means in capitalizations, society's means of production cannot be held by direct government.
00:37
Okay.
00:38
So we will write here like it is an economic system, okay, in which a society's means of productions.
00:59
Okay, can be held by organizations and private firms or private can be said as private firms or individuals.
01:21
Okay, we can write here individuals.
01:25
Basically, it is not held by government, okay? not by government.
01:33
Okay, students.
01:34
And we can say that one more thing in capitalism, that in capitalism, in capitalism, products, prices, and the distributions of our particular good are determined, determined mainly by competition in a free market, okay? it is not necessary, but we can still observe the following term that in capitalism, the distribution of goods, price of the goods, and the demand and the products as well are determined mainly by the competition in a free market.
02:08
Okay now we will go to the come to the second part which is free enterprise okay free enterprise now in free enterprises we can add something like it is all about an economic system in which the private business operates in a competition okay students and it is in a largely free of state control what i mean to say is that the this economic system contains private business operations and it is operated in competition and it is totally largely free of state control.
02:51
Okay, it's all about the, it's they are totally free from the state control.
02:56
Okay.
02:57
Here we will write as it is an economic system, economic system where private businesses private businesses are operated in a competition okay there are a lot of competition in those private businesses in economic system and here it is totally free of state control okay state controls it's all about the free enterprises now we will come to the our third part which is asked as what is voluntary exchange okay students we will write here first voluntary exchange we need to explain this term see voluntary action is all about the action of the sellers and the wires freely and willingly okay students which is which are engaged in a market transaction so we will write here just like that it is it is an action performed freely and willingly by the buyers and and as well as buyers and as well as sellers okay students sellers which are engaged engaged in the market transaction okay in the market transactions it's all about the voluntary exchange now we will come to the our fourth part which is given as private property rights okay students private property rights we will write here private property rights.
05:14
Now we need to explain this term also.
05:17
See in the private property rights it's all about the total private system.
05:21
It means the property or can be said as the entity or asset is considered to be the have a right of particular individual private.
05:35
Okay, so we can write here that it has private individual individual.
05:44
Individual or entity owners okay entry owners and it is considered to be to have the right it is considered to have the absolute property right okay students we can consider we can observe some examples just like household or like patents or money something etc buildings okay stuffs gardens these all are private property rights okay students we can write here some example gardens houses money okay which is which is which has the particular right of individual person private person okay so it is all about private property rights now we will come to the next part which is asked as profit profit motive okay first of all we will go to the profit what is profit profit is all about a financial term which is considered as a financial gain as well because it's all about the difference between the amount earned from a particular stuff and the amount is spent or that particular thing by buying them or operating them okay we will write here it is the difference difference friends between the amount earned okay students and the amount is spent on a particular stuff okay it's all about the profit we can write in a simple very simple word p is nothing but selling price minus cost price cp minus sp is nothing but p which is profit okay now we will go to the sixth part which is given as profit motive, okay, students, profit motive...