ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economic systems are the methods societies and governments use to organize, allocate and distribute goods, services and resources across locations. It serves as a regulatory system for controlling different aspects of production and distribution, including capital, labour, land and other physical resources.

Detailed explanation-2: -An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country.

Detailed explanation-3: -Different Types of Economies in the World There are four main different types of economies: traditional economies, market economies, command economies, and mixed economies.

Detailed explanation-4: -The two major economic systems in modern societies are capitalism and socialism. In practice most societies have economies that mix elements of both systems but that lean toward one end of the capitalism–socialism continuum. Social democracies combine elements of both capitalism and socialism.

Detailed explanation-5: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types. In a command economy, what goods and services are produced, how they are produced, and for whom they are produced are all questions answered by government planning.