Question

HEYa Mates....✌️✌️✌️✌️

difference between MARKET SYSTEM , SOCIAL SYSTEM AND MIXED ECONOMY....... ✌️✌️✌️✌️

(class 10) Chp. Economic development​

Answer 1

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✍️A mixed economy is one in which the government does not own all of the means of production, but government interests may legally circumvent, replace, limit or otherwise regulate private economic interests. By contrast, a free private economic system allows voluntary and competing private individuals to plan, produce and trade without coercive public interference.

✍️There are many political and moral connotations wrapped up in the centuries-old, ongoing debate between statist thinkers and free-market thinkers. In real, practical terms, the differences between different types of economic systems are very basic: the rights of individual property owners versus the primacy of government authorities over production and distribution.

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Answer 2

A capitalist economy relies on free-markets to determine, price, incomes, wealth and distribution of goods. A socialist economic system is characterised by greater government intervention to re-allocate resources in a more egalitarian way. There are also different aims of the economic systems.