Question

Define capitalist economy, Centrally planned
mixed economy
economy in economics​

Answer 1

Answer:

capitalist is a economic system based on private ownership on the means of production and their operation for profit.

in centrally planned system , government makes decisions instead of consumers and businesses. it is also known as mixed economy

hope it helps u dear

Answer 2

ANSWER :

❒ Capitalist Economy :-

• ★ Capitalist Economy refers to the economy in which the means of production are owned, controlled and operated by the private sector. It is also known as Market Economy.

• ✎ Production is done mainly for earning profit and central problems are solved by price mechanism in Capitalist Economy.

• ✎ Decision regarding production, consumption as well as investment are made independently in Capitalist Economy.

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❒ Centrally Planned Economy :-

• ★ Centrally Planned Economy is the economy in which means of production are owned, controlled and operated by the government. It is also known as Socialist Economy.

• ✎ The basic aim of Centrally Planned Economy is to work for social welfare of people while solving central problems and therefore, the basic problems are solved by Central Planning Authority in this kind of economy.

• ✎ As the Government plays and important role in Centrally Planned Economy, decisions regarding production, consumption as well as investment are made by the Government only.

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❒ Mixed Economy :-

• ★ Mixed Economy refers to the economy in which both the Capitalist Economy and Centrally Planned Economy play their significant role for solving the central problems of the economy together.

• ✎ Public as well as private sectors are allotted their respective roles in Mixed Economy and therefore, this kind of economy combines the features of both Capitalist Economy and Centrally Planned Economy.