Answer All questions: 4 x 2 = 8
11. What do you mean by capitalism?
12. Define Economic Model?
13. Define the term Inflation?
14. Classify the economics based on status of development?
Answers
Answer:
Q 11 Ans
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Q 12 Ans
it economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.
Q 13 Ans
the action of inflating something or the condition of being inflated.
Q 14 ans
thr economy is classified as low income, middle income (subdivided into lower middle and upper middle), or high income. Other analytical groups, based on geographic regions and levels of external debt, are also used. Low-income and middle-income economies are sometimes referred to as developing economies.
Answer:
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Explanation:
1. an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
2. In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.
3. the action of inflating something or the condition of being inflated.
4. Every economy is classified as low income, middle income (subdivided into lower middle and upper middle), or high income. Other analytical groups, based on geographic regions and levels of external debt, are also used. Low-income and middle-income economies are sometimes referred to as developing economies..
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