Explain what is economy and what are the types of economy with explanation .
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⚫ WHAT IS ECONOMY . ⚫
The word ' economics ' comes from the Greek word ' oikonomia ' which means family management.There is a lot of similarity between family management and economics.
We understand from economics,how to use time,money, labour and land effectively.How to satisfy the infinite needs of the people using various resources is the study matter of economics.According to Lionel Robbins,Economics is a science which studied human behaviour as a relationship between ends and scarce means which have alternative uses.
As we manage the finances of our family,similarly,villages ,cities,states,countries and world also need to have economic management.
Geographically speaking, the enterprises related to the production,distribution and consumption of goods and services in a specific region is called an economies.On a global level,there are three types of economy.
⚫. MAIN TYPES OF ECONOMY. ⚫
⭐ Capitalistic Economy
Ownership and management of means of production is in the hands of private individuals.The main aim is to earn maximum number of profit.Countries like Germany,Japan, the USA have adopted such type of economy.
⭐ Socialistic Economy
The means of production belong to the society as a whole e.g the government's control. The main aim is to achieve social welfare.Countries like Russia and China have adopted socialistic type of Economy.
⭐ Mixed Economy
Co-existence of private and public sectors.A balance between Profit and social welfare is made Countries like India,Sweden, the UK have adopted Mixed type of Economy system.
Thanks...
:)
___________________________
⚫ WHAT IS ECONOMY . ⚫
The word ' economics ' comes from the Greek word ' oikonomia ' which means family management.There is a lot of similarity between family management and economics.
We understand from economics,how to use time,money, labour and land effectively.How to satisfy the infinite needs of the people using various resources is the study matter of economics.According to Lionel Robbins,Economics is a science which studied human behaviour as a relationship between ends and scarce means which have alternative uses.
As we manage the finances of our family,similarly,villages ,cities,states,countries and world also need to have economic management.
Geographically speaking, the enterprises related to the production,distribution and consumption of goods and services in a specific region is called an economies.On a global level,there are three types of economy.
⚫. MAIN TYPES OF ECONOMY. ⚫
⭐ Capitalistic Economy
Ownership and management of means of production is in the hands of private individuals.The main aim is to earn maximum number of profit.Countries like Germany,Japan, the USA have adopted such type of economy.
⭐ Socialistic Economy
The means of production belong to the society as a whole e.g the government's control. The main aim is to achieve social welfare.Countries like Russia and China have adopted socialistic type of Economy.
⭐ Mixed Economy
Co-existence of private and public sectors.A balance between Profit and social welfare is made Countries like India,Sweden, the UK have adopted Mixed type of Economy system.
Thanks...
:)
Amangupta1111:
awesome bro
thank you
Answered by
1
Economy and Its types
Explanation:
- The economy system consists of the economic system of the Country.
- The distribution of the resources in an economy that is less in quantity describes its economic system.
There are four types of economic system are present in the world:
- Market economy
- Command economy
- Mixed economy
- Traditional economy
Each type of economy has its own advantages and disadvantages.
Learn more: Economic system
https://brainly.in/question/11817891
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