Question

Highlight the characteristics of economic system of modern societies
Class 11 chapter 3
Answer correctly

Answer 1

Answer:

Explanation:

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Theoretically, it may refer to an economic system that combines one of three characteristics: public and private ownership of industry, market-based allocation with economic planning, or free markets with state interventionism.

The dominant economic systems of the modern era are capitalism and socialism, and there have been many variations of each system across the globe. Countries have switched systems as their rulers and economic fortunes have changed.