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Three basic types of economic systems are ...
  • a)
    Natural resources, labour, capital
  • b)
    What to produce, how to produce, who will receive the goods and services
  • c)
    Free enterprise, centrally planned economy, mixed economy
  • d)
    Government, business, consumers
Correct answer is option 'C'. Can you explain this answer?
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Three basic types of economic systems are ...a)Natural resources, labo...
Options a is benefit
options b is economic problems
option d is economic system
but options c is types
socialist, capitalism, and mixed economy
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Three basic types of economic systems are ...a)Natural resources, labo...
Introduction:
Economic system refers to the way a society organizes the production, allocation, and distribution of goods and services. There are three basic types of economic systems - free enterprise, centrally planned economy, and mixed economy.

Free Enterprise:
Free enterprise is also known as capitalism or a market economy. In this type of economic system, individuals and businesses are allowed to compete for profit with minimal government intervention. The pricing of goods and services is determined by the market forces of supply and demand.

Centrally Planned Economy:
A centrally planned economy is also known as a command economy. In this type of economic system, the government decides what goods and services should be produced, how they should be produced, and who will receive them. The government owns all the resources and means of production.

Mixed Economy:
A mixed economy combines elements of both free enterprise and centrally planned economy. In this type of economic system, the government regulates and controls some aspects of the economy, while allowing for private enterprise and market forces to operate in others. Most modern economies are mixed economies.

Conclusion:
The type of economic system adopted by a society has a significant impact on its development and prosperity. Each type of economic system has its own advantages and disadvantages. It is important to choose an economic system that is best suited to the needs and goals of a particular society.
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Features of a Mixed Economy:A mixed economy is an economic system that combines elements of both a market economy and a planned economy. It incorporates features of both private enterprise and government intervention. The correct answer is D, as all of the following features are characteristic of a mixed economy:1. Planned economy:A mixed economy includes elements of a planned economy, where the government plays a role in guiding and regulating economic activities. It formulates economic plans and policies to ensure the efficient allocation of resources and to promote economic stability.2. Dual system of pricing:In a mixed economy, there exists a dual system of pricing, which means that both market prices and government-set prices coexist. While market forces determine prices for most goods and services, the government may intervene to regulate prices in certain sectors to protect consumers or promote social welfare.3. Balanced regional development:Another characteristic of a mixed economy is the emphasis on balanced regional development. The government intervenes to ensure that economic growth and development are not concentrated in specific regions or industries but are spread across different regions and sectors. This helps to reduce regional disparities and promote overall economic stability and social welfare.Benefits of a Mixed Economy:A mixed economy offers several benefits due to its combination of market forces and government intervention. Some of these benefits include:1. Economic efficiency:By incorporating market mechanisms, a mixed economy allows for resource allocation based on supply and demand, which promotes economic efficiency. Market forces encourage competition, innovation, and productivity, leading to higher levels of economic growth.2. Social welfare:Government intervention in a mixed economy enables the provision of public goods and services that may not be adequately provided by the market alone. This includes areas such as healthcare, education, infrastructure, and social security, ensuring a certain level of social welfare and equity.3. Stability and regulation:The government's role in a mixed economy helps to maintain economic stability through macroeconomic policies such as fiscal and monetary measures. It also regulates certain sectors to prevent market failures, protect consumer rights, and ensure fair competition.Conclusion:A mixed economy combines the advantages of both market forces and government intervention. It allows for economic efficiency, social welfare, and stability. The features of a mixed economy include elements of a planned economy, a dual system of pricing, and balanced regional development. These features work together to create a system that promotes both economic growth and social welfare.

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Three basic types of economic systems are ...a)Natural resources, labour, capitalb)What to produce, how to produce, who will receive the goods and servicesc)Free enterprise, centrally planned economy, mixed economyd)Government, business, consumersCorrect answer is option 'C'. Can you explain this answer?
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