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Types of economies Video Lecture - UPSC
FAQs on Types of economies Video Lecture - UPSC
| 1. What are the different types of economies? |  |
Ans. The different types of economies include market economy, command economy, mixed economy, traditional economy, and subsistence economy.
| 2. What is a market economy? | |
Ans. A market economy is an economic system where decisions regarding production, investment, and distribution are driven by the interactions of buyers and sellers in a market. Prices and the laws of supply and demand determine the allocation of resources and the production of goods and services.
| 3. What is a command economy? | |
Ans. A command economy is an economic system where the government controls and directs the allocation of resources, production, and distribution of goods and services. In a command economy, the state makes decisions regarding what to produce, how to produce, and for whom to produce.
| 4. What is a mixed economy? | |
Ans. A mixed economy is an economic system that combines elements of both market economy and command economy. In a mixed economy, the government and private sector coexist, with the government playing a role in regulating and overseeing certain sectors while allowing market forces to operate in others.
| 5. What is a traditional economy? | |
Ans. A traditional economy is an economic system that relies on customs, traditions, and cultural beliefs to determine how resources are allocated, goods are produced, and services are exchanged. In a traditional economy, economic activities are often centered around family, community, and barter systems rather than monetary transactions.
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Dec 20, 2024 Last updated |
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