on the basis of economies we can divide countries into three groups
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Alright, your question is too vague to delve into all aspects of the answer because Economies can be classified into several different sub-types based on several different broad types.
But to give you an answer, the most rudimentary and widely used system of classifying economies entails listing them as:
Market Economies (Or Capitalist Economies) :- In a free market economy, firms and households act in self-interest to determine how resources get allocated, what goods get produced and who buys the goods. There is no government intervention in a pure market economy (“laissez faire“) No truly free market economy exists in the world. For example, while America is a capitalist nation, our government still regulates (or attempts to regulate) fair trade, government programs, moral business, monopolies, etc.
Socialistic Economies :- In a socialistic system, the State owns the factors of production(Land, labour & capital). In this type economic system, profit or surplus s never so much the main motive as providing for all citizens equally. The objective is zero disparity. Pre-split up USSR is a prime example of this type of a socialistic economy.
Mixed Economy :- A mixed economic system is an economic system that features characteristics of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims. According to neoclassical theory, mixed economies are less efficient than pure free markets, but proponents of government interventions argue that the base conditions such as equal information and rational market participants cannot be achieved in practical application. It is actually known as the ‘Golden Mixture’. India is a great example of this type of economy.
Although, I should tell you this, Next time google fact-oriented questions. You’ll find satisfactory answers.
But to give you an answer, the most rudimentary and widely used system of classifying economies entails listing them as:
Market Economies (Or Capitalist Economies) :- In a free market economy, firms and households act in self-interest to determine how resources get allocated, what goods get produced and who buys the goods. There is no government intervention in a pure market economy (“laissez faire“) No truly free market economy exists in the world. For example, while America is a capitalist nation, our government still regulates (or attempts to regulate) fair trade, government programs, moral business, monopolies, etc.
Socialistic Economies :- In a socialistic system, the State owns the factors of production(Land, labour & capital). In this type economic system, profit or surplus s never so much the main motive as providing for all citizens equally. The objective is zero disparity. Pre-split up USSR is a prime example of this type of a socialistic economy.
Mixed Economy :- A mixed economic system is an economic system that features characteristics of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims. According to neoclassical theory, mixed economies are less efficient than pure free markets, but proponents of government interventions argue that the base conditions such as equal information and rational market participants cannot be achieved in practical application. It is actually known as the ‘Golden Mixture’. India is a great example of this type of economy.
Although, I should tell you this, Next time google fact-oriented questions. You’ll find satisfactory answers.
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The division of countries into three groups according the economies is known as the three sector theory. They are classified as under:
(i) Developed Countries: These are the countries which have a high rate of GDP. The minimum wage is Rs. 2,000 or more per day.
(i) Developing Countries: These are the countries which have a developing rate of GDP. The minimum wage is Rs. 500 to Rs. 1,000 per day.
(i) Underdeveloped Countries: These countries have a low rate of GDP. The minimum wage here is below Rs. 200 or below per day.
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(i) Developed Countries: These are the countries which have a high rate of GDP. The minimum wage is Rs. 2,000 or more per day.
(i) Developing Countries: These are the countries which have a developing rate of GDP. The minimum wage is Rs. 500 to Rs. 1,000 per day.
(i) Underdeveloped Countries: These countries have a low rate of GDP. The minimum wage here is below Rs. 200 or below per day.
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