Question

Q7. Write a short note on how different economies solve their economic problems? class 11 answer​

Answer 1

Answer:

Under such economies, all economic problems are solved with the help of free price mechanism and controlled price mechanism (economic planning). Free price mechanism operates within the private sector; hence, prices are allowed to change as per demand and supply of goods.

Basic problems in Capitalist economies are solved through price mechanism, in Socialist economy through planning and in mixed economy through price mechanism and economic planning. In the same way, price of the factors of production is determined in the factor market.

Explanation:

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Answer 2

Answer:

If they want to solve there economy problems.They should follow this examples then they free from economy problems.

Explanation:

1. many companies and factory's should establish in there country for jobs
2. The people should have proper education and proper guidance
3. They have to use there Nature resources properly like coal, limestone and gold
4. They have to export there manufacturerd thing to other countries
5. many start ups should be started in country