Question

Explain the types of economy on the basis of ownership and control over means of
production

Answer 1

Answer:

Types of economy can be described on the basis of control and over ownership of means to production. Below are the types;

Explanation:

• Public sector: This are means of production owned by the government and are intended to offer services to the general public without neccessarily aiming to make profit.
• Private sector is the type of economy that belongs to an indivitual and is profit oriented.
• Joint sector is the type of economy where public and private sector are combined in service delivery.