Question

Explain here about meaning of Economy and it's types 1). Capitalist Economy. 2). Socialist or Centrally Planned Economy and 3). Mixed Economy​

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

--Capitalist economy - A capitalist economy is also known as a market economy,it is defined as the one in which means of production are owned by individuals,and individual are free to take their economic decision,as guided by the principle of profit maximization.

-- socialist economy- A socialist economy is the one in which there is a social ownership of the means of production,and economic decision are taken by some central authority of the government with a view to maximise social welfare.

-- Mixed economy--/ A mixed economy is the one in which there is private as well as public ownership of the means of production.Production decision are governed largely by the principle of profit maximization,but not without checks and balances of social justice.