Explain the types of economy on the basis of ownership and control over means of production...please answer
Answers
[1] is a system of production, resource allocationand distribution of goods and services within a society or a given geographic area.
It includes the combination of the various institutions, agencies, entities, decision-making processes and patterns of consumption that comprise the economic structure of a given community.
As such, an economic system is a type of social system. The mode of productionis a related concept.
[2] All economic systems have three basic questions to ask: what to produce, how to produce and in what quantities and who receives the output of production.
The study of economic systems includes how these various agencies and institutions are linked to one another, how information flows between them and the social relations within the system (including property rights and the structure of management).
The analysis of economic systems traditionally focused on the dichotomies and comparisons between market economies and planned economiesand on the distinctions between capitalismand socialism.
[3] Subsequently, the categorization of economic systems expanded to include other topics and models that do not conform to the traditional dichotomy. Today the dominant form of economic organization at the world level is based on market-oriented mixed economies.
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Answer:
The types of economy on the basis of ownership and control over means of production are: -
1.Capitalistic economy
2. Socialistic economy
3. Mixed economy
Explanation:
1. The Capitalistic economy
"One in which economic decisions regarding production in different sectors (farms, factories, mines, workshops, etc.), the distribution of products, and the fixation of prices are taken by private entrepreneurs for the purpose of profit along with no control or pressure from the government" is the definition of a capitalistic economy. Simply put, it is a system in which private individuals known as capitalists own the means of production, and their primary motivation is to make money. In this system, the government does not interfere with the economy's economic activity.
2. Socialistic economy
It is described as "An economic system where the sources of production (farms, factories, mines, offices, etc.) are owned and operated by the community as a whole and the accomplishments are utilised for the welfare of the society according to pre-planned programmes." In order to provide welfare and equality of opportunity for all members of a society, it can be stated simply as an economy where the state owns and controls economic institutions involved in production and distribution. The Soviet Union established the first socialist nation in history.
3. Mixed economy
It is characterised as "an economy comprising the features of both capitalism and socialism, that is a combination of private and public ownership of the means of production, with some degree of control by the Central Government" The majority of the world's emerging and developed nations, including India, the United Kingdom, and others, have this form of economy.