economy is a man -made organization which is created destroyed or chenched as per the requirement of the society, In the light of this stetment explain the capitalist socialist and mixed economy. Which type of economy india is? (lesson 4)
Answers
Answer:
Meanings are :
Explanation:
1. A mixed economy is variously defined as an economic system blending elements of a market economy with elements of a planned economy, markets with state interventionism, or private enterprise with public enterprise. Common to all mixed economies is a combination of free-market principles and principles of socialism.
2. A capitalist economy is characterized by private ownership of factors of production, while a socialist economy is characterized by state ownership of factors of production.
3. India is mixed economy.
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India is considered as a mixed economy.
Difference between capitalist ,socialist and mixed economy
Explanation:
Mixed economy- A mixed economy is an economy organized with a few free - market components and a few communist components , which lies on a continuum some place between unadulterated capitalism and unadulterated communism .Two examples of mixed economies U.S. and France.
Capitalist economy- Capitalism is regularly thought of as an financial framework in which private performing artists claim and control property in agreement with their interface, and request and supply unreservedly set costs in market in a way that can serve the finest interface society. The essential feature of capitalism is the motive to make a profit . The United States is possibly the most known for Capitalist economy .
Socialist economy- In the socialist , the government is responsible for recognizing wealth and reducing the gap between the poor and rich . Two examples of this economies are Cuba, and China .
India is considered as a mixed economy .India is a rapid growing economy and a fast developing country. It is neither a socialist economy nor a capitalist economy it is a mixed economy.