Q.3 Distinguish between the following.
1) Capitalistic Economy and Socialistic Economy
2) Internal Trade and International Trade
3) Railways and Roadways
Answers
Answer:
1)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
2)There is no exchange of currency as trade takes place within the boundaries of the nationExchange of currency is there between the two countries/individuals/businesses involved in the trade
3)Compared to railways the roadways are very expensive since most roadways transportation is by diesel or petrol both of which are costly. Railways are one of the cheapest modes of transport. Railways have both diesel enegine and electric engine. Roadways are connected immensely to all the places in our country.
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