Answer 1

 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.