What is economy?capitalist economy, socialist economy and mixed economy

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   WHAT IS ECONOMY?



It is a system by which people of an area earn their living.


NATURE OF ECONOMY ARE OF THREE TYPES: 

        1.CAPITALIST ECONOMY

             2.SOCIALIST ECONOMY

             3.MIXED ECONOMY


           1. CAPITALIST ECONOMY:

 It is defined as in which means of production are owned by the individuals, and individuals are free to take their economic decisions as guided by principle of profit maximization.

Features:

1. There is a private ownership of means of production.

2. Means of production are used in a manner such that the profits are maximised.

3. The role of the government is largely confined to the maintenance of law & order and defence of country.



            2. SOCIALIST ECONOMY

It is defined as there is a social ownership of the means of production, and economic decisions are taken by some central authority of the government with a view to maximise social welfare.

Features: 

1. Means of production are collectively owned by the society as a whole.

2. Means of production are used in manner such that social welfare is maximised.

3. There is a direct participation of govt.in the process of production.



                3. MIXED ECONOMY:

It is defined as in which there is private as well as public ownership of means of production. Production decisions are governed largely by the principle of profit maximisation, but not without checks and balances of social justice.


Features:

1. Means of production are owned by the Private entrepreneurs as well as the government.

2. Both private an public sector plays a significant role in the process of production.


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