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Types of economy - Coggle Diagram
Types of economy
On basic of Economy growth
Developed Economy
Developing Economy
Developed Economy
High standard of living
high level of per capita income
Features of developed economy
predominance of industrial & service sectors
Definition: economic which enjoy a high level of per capita income & high standard of living are called developed economies
Full exploitation of resources
Technological Advancement
on the basic of ownership resource
Socialist Economy
Government is only the producer
social welfare
Social property
Economic planning
Features of an socialist Economy
Economic equalities
Definition: A socialist economy is a system of production where goods and services are produced directly for use
Absence of competition
capitalist Economy
Freedom of consumption
Freedom of enterprise & contract
Market mechanism
Private property & inheritance
Profit motive
Features of an capitalist economy
Competition
Definition: Capitalism is an economic system based on the private ownership of the means of production and their operation for profit
Mixed Economy
co-existence of private & public sectors
co- existence of price system & economic planning
Features of mixed economy
Price control& Rationing of consumer goods
Definition: Mixed Economy is a mixed form off capitalism & socialism.
Role of the government
Reduction of inequality of incomes and wealth