ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An economy is a system of inter-related production and consumption activities that ultimately determine the allocation of resources within a group. The production and consumption of goods and services as a whole fulfill the needs of those living and operating within it.

Detailed explanation-2: -An economic system is a system of production, resource allocation, exchange and distribution of goods and services in a society or a given geographic area.

Detailed explanation-3: -A command economy is an economic system in which the government, or the central planner, determines what goods and services should be produced, the supply that should be produced, and the price of goods and services.

Detailed explanation-4: -Different Types of Economies in the World There are four main different types of economies: traditional economies, market economies, command economies, and mixed economies.