Explain the types od economies 1. management in private hands 2. India Sweden and united kingdom 3. achieving social welfare
Answers
Answer:
Explanation:
1. Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.
2. Sweden recognised India's independence from the United Kingdom in 1947; both nations established formal diplomatic relations in 1949. India has an embassy in Stockholm, while Sweden has an embassy in New Delhi and honorary consulates in Chennai, Kolkata and Mumbai.
3. In welfare economics, a social welfare function is a function that ranks social states (alternative complete descriptions of the society) as less desirable, more desirable, or indifferent for every possible pair of social states. Inputs of the function include any variables considered to affect the economic welfare of a society