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Types of Economies Video Lecture | Crash course for UPSC (Hindi)
FAQs on Types of Economies Video Lecture - Crash course for UPSC (Hindi)
| 1. What are the different types of economies? |  |
Ans. There are four main types of economies: traditional, command, market, and mixed economies.
| 2. What is a traditional economy? | |
Ans. A traditional economy is an economic system where customs, traditions, and cultural beliefs determine the production and distribution of goods and services. It relies on agriculture, hunting, and gathering as the primary means of sustenance and has a strong sense of community and cooperation.
| 3. What is a command economy? | |
Ans. A command economy is an economic system where the government has full control over the production, distribution, and pricing of goods and services. The government decides what to produce, how much to produce, and how resources are allocated. This type of economy is often associated with socialism and communism.
| 4. What is a market economy? | |
Ans. A market economy, also known as a free-market economy or capitalism, is an economic system where the production and distribution of goods and services are determined by supply and demand in the marketplace. Prices are set by the interaction of buyers and sellers, and individuals have the freedom to make economic decisions based on their own self-interest.
| 5. What is a mixed economy? | |
Ans. A mixed economy is an economic system that combines elements of both market and command economies. In a mixed economy, the government intervenes in certain areas, such as providing public goods, regulating industries, and promoting social welfare, but allows for private ownership and individual economic freedom. Most modern economies, including the United States, have mixed economies.
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Dec 22, 2024 Last updated |
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