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Economy 1: Economic Systems Video Lecture | General Knowledge (GK) for LIC AAO Exam (English) - Banking Exams
FAQs on Economy 1: Economic Systems Video Lecture - General Knowledge (GK) for LIC AAO Exam (English) - Banking Exams
| 1. What are economic systems? |  |
Ans. Economic systems refer to the structure and organization of an economy, including the production, distribution, and consumption of goods and services. They determine how resources are allocated and how economic activities are coordinated within a society.
| 2. What are the main types of economic systems? | |
Ans. The main types of economic systems are market economies, command economies, and mixed economies. In a market economy, decisions regarding production and consumption are made by individuals and private firms. In a command economy, the government has central control over economic activities. Mixed economies combine elements of both market and command economies, where some economic decisions are made by individuals and firms, while others are made by the government.
| 3. What are the advantages of a market economy? | |
Ans. Market economies offer several advantages, including economic efficiency, innovation, and individual freedom. In a market economy, competition among firms leads to efficiency in resource allocation and production. Additionally, market economies encourage innovation and entrepreneurship, as individuals and firms are motivated to create new products and improve efficiency to gain a competitive edge. Market economies also value individual freedom, as individuals have the liberty to make economic choices based on their preferences.
| 4. What are the disadvantages of a command economy? | |
Ans. Command economies have several disadvantages, including lack of economic freedom, inefficiency, and lack of incentives for innovation. In a command economy, the government controls economic decisions, limiting the freedom of individuals and firms to make choices. This can lead to inefficiencies, as resources may not be allocated optimally. Furthermore, the lack of incentives for innovation can hinder economic growth and development in command economies.
| 5. What is a mixed economy and how does it function? | |
Ans. A mixed economy is an economic system that combines elements of both market and command economies. In a mixed economy, some economic decisions are made by individuals and private firms, while others are made by the government. The government typically plays a role in regulating industries, providing public goods and services, and implementing social welfare programs. The balance between market forces and government intervention can vary in different mixed economies, with some leaning more towards a market-oriented approach and others having a greater level of government control.
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Dec 22, 2024 Last updated |
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