ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What do the economic systems of the United Kingdom, Germany, and Russia have in common? A. All are examples of pure market economies.

Detailed explanation-2: -For example, the United States is a mixed economy, as it leaves ownership of the means of production in mostly private hands but incorporates elements such as subsidies for agriculture, regulation on manufacturing, and partial or full public ownership of some industries like letter delivery and national defense.

Detailed explanation-3: -Traditional economies, command economies, and market economies are all economic systems that address scarcity by addressing what should be produced, how it should be produced, and for whom it will be produced.

Detailed explanation-4: -Countries like England, France, and India follow the mixed economic system where both, the state and private players, have control over the resources of distribution.