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Types of Economies: Economics Video Lecture | Indian Economy for UPSC CSE
FAQs on Types of Economies: Economics Video Lecture - Indian Economy for UPSC CSE
| 1. What are the different types of economies? |  |
Ans. Different types of economies include traditional economy, command economy, market economy, and mixed economy.
| 2. What is a traditional economy? | |
Ans. A traditional economy is based on customs, traditions, and cultural beliefs. It relies on agriculture, hunting, and gathering, with little to no use of technology or modern methods.
| 3. What is a command economy? | |
Ans. In a command economy, the government controls all aspects of production, distribution, and pricing. Resources are allocated according to the central authority's plan and decisions.
| 4. What is a market economy? | |
Ans. A market economy is driven by supply and demand, with decisions made by individuals and businesses rather than the government. Prices are determined by competition in the market.
| 5. What is a mixed economy? | |
Ans. A mixed economy combines elements of both market and command economies. Some industries are controlled by the government, while others operate in a free market system.
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