What is an economy? And its types..
Answers
Answered by
4
The way scarce resources get distributed within an economy determines the type of economic system. There are four different types of economies; traditional economy, market economy, command economy and mixed economy. Each type of economy has it's own strengths and weaknesses.
Answered by
9
Heya.....
See here for your answer....
==========================
√ Defination of Economy....
-- Economy refers to a system by which people of an area earn their livings....
Or.....
-- The system of economic activities that leads to exchange of goods and services and generation of income....
√ Economies are of 3 types mainly ....
1 Planned Economy...
-- In this government has the Dominating power for the allocation of resources and private sectors are mainly restricted.....
-- Example, North Korea , Russia....
2 Capitalism Economy....
-- In this private sectors are free to decide their functions according to market forces...
-- Example,, America .....
3 Mixed Economy....
-- The economy in which both public and private sectors work together for their motives...
-- Example,, India...
Thank you...
Be Brainly....
See here for your answer....
==========================
√ Defination of Economy....
-- Economy refers to a system by which people of an area earn their livings....
Or.....
-- The system of economic activities that leads to exchange of goods and services and generation of income....
√ Economies are of 3 types mainly ....
1 Planned Economy...
-- In this government has the Dominating power for the allocation of resources and private sectors are mainly restricted.....
-- Example, North Korea , Russia....
2 Capitalism Economy....
-- In this private sectors are free to decide their functions according to market forces...
-- Example,, America .....
3 Mixed Economy....
-- The economy in which both public and private sectors work together for their motives...
-- Example,, India...
Thank you...
Be Brainly....
Similar questions