class 12 central problems of an economy notes
Central problem of Economy ..........short and easy notes for board exam. 1. What do you mean by capitalist economy? What are its characteristics? > Capitalist economy is that economy in which all factors of production are controlled and regulated by private organisation. Following are its characteristics; Law of inheritance are present. Transfer of property of dead person to its heir. Economic freedom are present- (A) Freedom to work (B) Freedom to choise (C) Freedom of saving and investment. Free trade policy is adopted. Market economy is an open economy. Competition is an essential feature of market economy. Price are determined by demand and supply force. 2. What do you mean by socialist economy? What are its characteristics? > In socialist economy all economic system are controlled and regulated by government to ensure better opportunity to the society. Following are its characteristics; All factors of production are controlled by ...