Question

Identify the form of economic system on the basis
of the following features.
(i) The state takes the decision about the use
resources.
(ii) The government does not interfere in the
functioning of the market.
(iii) Price mechanism is allowed to function subject
to certain regulations.​

Answer 1

Explanation:

(1) Socialist economy.

(2) Capitalist economy.

(3) Mixed economy.