Question

Economies can be classified on different basis. One of such bases is 'Development'. Explain

the types of economies on the basis of development citing relevant examples of each type

of economy. ​

Answer 1

Answer:

1. Characteristics of a developed economy: (i) High national income; (ii) High per capita real income; (iii) High standard of living; (iv) Full utilization of resources; (v) Industrialisation; (vi) Advanced technology; (vii) More employment; and (viii) High-ratio of urban population.
2. There are four different types of Economic Systems; a traditional economy, a market economy, a command economy, and a mixed economy. Each type of economy has its own strengths and weaknesses.

Answer 2

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Characteristics of a developed economy:

• (i) High national income;
• (ii) High per capita real income;
• (iii) High standard of living; (iv) Full utilization of resources;
• (v) Industrialisation;
• (vi) Advanced technology;
• (vii) More employment; and
• (viii) High-ratio of urban population.