Definition of mixed economy,capitalist economy,socialistic economy
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economies are mainly classified into 3 types
-socialist economy
-capitalist economy
-mixed economy
in socialist economy intervention of government plays a key role, mostly all of things pertaining to that economy is under the control of economy, such as defence, transportation,companies,etc., even goods to be produced are decided by the government as per the needs of the economy. Eg:- china
in capitalist economy, intervention of government is very low, mostly all of the companies regarding any category are controlled by private people but not any government bodies, except things like defence. The competition is more here, Goods produced here depends upon demand and supply .Eg- USA
mixed economy is a mixture of both socialist and capitalist economy, both government and private (persons) plays a key role, here government owns some businesses and private people can also own businesses and companies, some of the companies regarding arms and ammunition and some transportation such as railways and some other complicated things are under the control of government. here government produce some goods as per the needs of the economy. while private companies produce goods too as per their liking or people's liking. Both government and private own companies regarding same category.
Eg- India
hope you found this answer helpful
-socialist economy
-capitalist economy
-mixed economy
in socialist economy intervention of government plays a key role, mostly all of things pertaining to that economy is under the control of economy, such as defence, transportation,companies,etc., even goods to be produced are decided by the government as per the needs of the economy. Eg:- china
in capitalist economy, intervention of government is very low, mostly all of the companies regarding any category are controlled by private people but not any government bodies, except things like defence. The competition is more here, Goods produced here depends upon demand and supply .Eg- USA
mixed economy is a mixture of both socialist and capitalist economy, both government and private (persons) plays a key role, here government owns some businesses and private people can also own businesses and companies, some of the companies regarding arms and ammunition and some transportation such as railways and some other complicated things are under the control of government. here government produce some goods as per the needs of the economy. while private companies produce goods too as per their liking or people's liking. Both government and private own companies regarding same category.
Eg- India
hope you found this answer helpful
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Three types of economy are:-
Capitalist economy mixed economy socialist economy
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