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Question
Give an explanation:
On the basis of economies, we can divide countries into three groups.
Answer in Brief
Solution
- A country in which ownership of production and management of production is decided and governed by an individual or private individual and aim towards gaining maximum profit can be termed as a country with a capitalistic economy.
- A country whose production is monitored and controlled by the government and their goal is to achieve social welfare can be termed as a country with a socialist economy.
- A country that maintains a good balance between profit and social welfare and where public and private sectors cooperate and co-exist can be termed as a country with a mixed economy.
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Types of Economy
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