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The modern economy is not characterised by
- a)Capital intensive mode of production
- b)development of money economy
- c)production for market
- d)self-sufficient village system
Correct answer is option 'D'. Can you explain this answer?
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The modern economy is not characterised bya)Capital intensive mode of ...
Self-sufficiency (also called self-containment) is the state of not requiring any aid, support, or interaction for survival; it is a type of personal or collective autonomy. On a national scale, a totally self-sufficient economy that does not trade with the outside world is called an autarky.
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The modern economy is not characterised bya)Capital intensive mode of ...
Modern Economy Characteristics:
Capital Intensive Mode of Production:
In the modern economy, production is characterized by the use of advanced technology and machinery, leading to a capital-intensive mode of production. This means that businesses rely heavily on machinery, equipment, and technology to produce goods and services efficiently.
Development of Money Economy:
Another characteristic of the modern economy is the development of a money economy. Money serves as a medium of exchange, unit of account, and store of value in the modern economy. It facilitates transactions and enables economic activities to take place smoothly.
Production for Market:
In the modern economy, production is primarily driven by market forces. Businesses produce goods and services for sale in the market, where prices are determined by supply and demand. This is in contrast to a self-sufficient village system where production is mainly for subsistence and barter.
Self-Sufficient Village System:
Unlike the modern economy, a self-sufficient village system is characterized by production for subsistence. Villagers produce goods and services mainly for their own consumption and rely on barter for exchange. This system is more localized and less reliant on money and market forces.
In conclusion, the modern economy is not characterized by a self-sufficient village system where production is mainly for subsistence and barter. Instead, it is characterized by capital-intensive production, the development of a money economy, and production for the market.
Capital Intensive Mode of Production:
In the modern economy, production is characterized by the use of advanced technology and machinery, leading to a capital-intensive mode of production. This means that businesses rely heavily on machinery, equipment, and technology to produce goods and services efficiently.
Development of Money Economy:
Another characteristic of the modern economy is the development of a money economy. Money serves as a medium of exchange, unit of account, and store of value in the modern economy. It facilitates transactions and enables economic activities to take place smoothly.
Production for Market:
In the modern economy, production is primarily driven by market forces. Businesses produce goods and services for sale in the market, where prices are determined by supply and demand. This is in contrast to a self-sufficient village system where production is mainly for subsistence and barter.
Self-Sufficient Village System:
Unlike the modern economy, a self-sufficient village system is characterized by production for subsistence. Villagers produce goods and services mainly for their own consumption and rely on barter for exchange. This system is more localized and less reliant on money and market forces.
In conclusion, the modern economy is not characterized by a self-sufficient village system where production is mainly for subsistence and barter. Instead, it is characterized by capital-intensive production, the development of a money economy, and production for the market.
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The modern economy is not characterised bya)Capital intensive mode of productionb)development of money economyc)production for marketd)self-sufficient village systemCorrect answer is option 'D'. Can you explain this answer?
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The modern economy is not characterised bya)Capital intensive mode of productionb)development of money economyc)production for marketd)self-sufficient village systemCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about The modern economy is not characterised bya)Capital intensive mode of productionb)development of money economyc)production for marketd)self-sufficient village systemCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The modern economy is not characterised bya)Capital intensive mode of productionb)development of money economyc)production for marketd)self-sufficient village systemCorrect answer is option 'D'. Can you explain this answer?.
The modern economy is not characterised bya)Capital intensive mode of productionb)development of money economyc)production for marketd)self-sufficient village systemCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about The modern economy is not characterised bya)Capital intensive mode of productionb)development of money economyc)production for marketd)self-sufficient village systemCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The modern economy is not characterised bya)Capital intensive mode of productionb)development of money economyc)production for marketd)self-sufficient village systemCorrect answer is option 'D'. Can you explain this answer?.
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