ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Market economies in China, including the use of bronze coins began to appear during the Zhou Dynasty. The Zhou system of roads made it easier for merchants to distribute goods, resources, and even ideas between states. As trade made them wealthier, merchants began to exploit peasants for labor.

Detailed explanation-2: -Prior to 1979, China, under the leadership of Chairman Mao Zedong, maintained a centrally planned, or command, economy. A large share of the country’s economic output was directed and controlled by the state, which set production goals, controlled prices, and allocated resources throughout most of the economy.

Detailed explanation-3: -Since its establishment in 1949 and until the end of 1978, China maintained a centrally planned, or command, economy. The state directed and controlled a large share of the country’s economic output; the state set production goals, controlled prices, and allocated resources throughout most of the economy.

Detailed explanation-4: -Ancient China’s economy, like all economies at that time (which had advanced beyond the hunter-gatherer stage), were based on agriculture. The vast majority of Chinese families lived in small farming villages, of a dozen or so families.