Commerce Exam > Commerce Videos > Economics Class 12 > Economy and Economic system: Types of Economic System and Importance of Plan and Objectives
Economy and Economic system: Types of Economic System and Importance of Plan and Objectives Video Lecture | Economics Class 12 - Commerce
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FAQs on Economy and Economic system: Types of Economic System and Importance of Plan and Objectives Video Lecture - Economics Class 12 - Commerce
| 1. What are the different types of economic systems? |  |
Ans. The different types of economic systems include traditional, command, market, and mixed economies.
| 2. Why is it important to have a plan and objectives in an economic system? | |
Ans. Having a plan and objectives in an economic system helps to guide decision-making, allocate resources efficiently, and achieve economic growth and development.
| 3. How does a traditional economic system work? | |
Ans. In a traditional economic system, economic activities are based on customs, traditions, and beliefs passed down through generations, with little to no government intervention or market forces.
| 4. What are the characteristics of a market economy? | |
Ans. In a market economy, decisions on what to produce, how to produce, and for whom to produce are determined by supply and demand in the market, with minimal government intervention.
| 5. What is the role of government in a mixed economy? | |
Ans. In a mixed economy, the government plays a role in regulating and overseeing economic activities, while also allowing for market forces to determine prices and allocate resources efficiently.
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Dec 28, 2024 Last updated |
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