Maharashtra State BoardSSC (English Medium) 9th Standard
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Give an Explanation : on the Basis of Economies, We Can Divide Countries into Three Groupes. - Geography and Economics

Short Note

Give an explanation :

On the basis of economies, we can divide countries into three groupes.

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Solution

 A country in which ownership of production and management of production is decided and governed by an individual or private individual and aim towards gaining maximum profit can be termed as a country with Capitalistic economy.

A country whose production is monitored and controlled by government and their goal is to achieve social welfare can be termed as a country with Socialistic economy.

A country who maintains a well balance between profit and social welfare and where public and private sector co-operate and co-exists can be termed as a country with Mixed economy.

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APPEARS IN

Balbharati Social Science Geography 9th Standard Maharashtra State Board
Chapter 8 Introduction to Economics
Exercise | Q 2.3 | Page 66
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