Notes on the Features of Mixed Economy
In mixed economy, both government and individuals perform economic activities. It is, thus, a mixed form of capitalism and socialism.
In mixed economy, both government and individuals perform economic activities. It is, thus, a mixed form of capitalism and socialism.
A capitalist economy is a form of economic organisation in which means of production viz., land and capital are owned by private people. Capitalistic economy is also known as free market economy and Laissez faire economy.
In the socialist economy means of production are owned and managed by the government. Government controls all the economic activities.
Indian economy is basically an agricultural economy. More than 60% of the population is engaged in agriculture and allied activities.
Terrorism is a forceful and unlawful method to achieve the desired goal. Its sole motive is to overthrow the existing law and order machinery.
Sustainable economic development is important for economic growth, because it does not take into consideration the pleasure of present generation alone but it also takes into consideration the requirements of future generation.
An economic problem is basically the problem of choice which arises because of scarcity of resources. Human wants are unlimited but means to satisfy them are limited.
The problem of scarcity of resources which arises before an individual consumer also arises collectively before an economy. On account of this problem and economy has to choose between the following:
In a capitalist economy, all the central problems are solved with the help of price mechanism. In such an economy, no individual or a firm deliberately tries to solve the central problems; all economic activities operate automatically and there is no conflict anywhere.
Economy signified the organisation and operation of economic activities in a region for the satisfaction of human wants. Economy could be of a village, of a district, of a country etc. When we study the activities of an economy, we mainly study the production, consumption and distribution of goods and services.