ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mixed
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Market
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Command
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Traditional
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Detailed explanation-1: -East Asia is a mix of different economies. China has a socialist economy, Japan and Taiwan have free market economies, while South Korea has a mixed economy.
Detailed explanation-2: -He classifies Asian economies as socialist market economies (P.R. China and Vietnam), developmental market economies (India, Singapore, Malaysia, and the Philippines), state coordinated market economies (Japan, Korea, and Taiwan), and liberal market economies (Australia and New Zealand).
Detailed explanation-3: -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.
Detailed explanation-4: -A mixed economy combines the characteristics of capitalism and socialism. Essentially, a country with this kind of economy comprises public and private sectors, wherein private enterprises aim for profit maximisation, while the Government sector works towards the welfare of the citizens.