ECONOMICS (CBSE/UGC NET)

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ECONOMICS

ECONOMIC SYSTEMS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
In Country C, people rarely engage in market transactions. For the most part, they do not need to. Families grow their own vegetables and raise their own animals or hunt to get meat. Certain times get tough for people in Country C, like when the winters are particularly cold or animals change their migration patterns. For this reason, it is important that families stock up in “good times” and develop relationships with neighbors with whom they can share or trade.
A
Command Economy
B
Market Economy
C
Mixed Economy
D
Traditional Economy
Explanation: 

Detailed explanation-1: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.

Detailed explanation-2: -Capitalism-individuals own the factors of production and answer the basic economic questions.

Detailed explanation-3: -Traditional Economy: A system which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation.

Detailed explanation-4: -Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.

There is 1 question to complete.
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