Types of Economies — Chapter Summary
ICSE · Class 9 · Economics
Summary of Types of Economies for ICSE Class 9 Economics. Part of the ICSE Class 9 Economics syllabus. An economy can be classified on the basis.
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Overview
An economy can be classified on the basis of ownership of the means of production and on the basis of the level of economic development. Ownership-based classification includes capitalistic, socialist and mixed economies. Development-based classification includes developed and underdeveloped or deve
Key Concepts
Capitalistic economy is a system where
Capitalistic economy is a system where means of production are privately owned and operated for profit. It is also called a free economy or laissez-fa
Socialist economy is a system where
Socialist economy is a system where means of production are owned and managed by the whole community or the state. Economic planning and social welfar
Mixed economy is a mixed form
Mixed economy is a mixed form of capitalism and socialism. Both private and public sectors work together, and the government regulates private enterpr
Developed economies have high per capita
Developed economies have high per capita income and a high standard of living. They usually have strong industrial and service sectors, advanced techn
An underdeveloped economy has low per
An underdeveloped economy has low per capita income and miserable living conditions. Agriculture is usually the main occupation, and many resources re
Learning Objectives
- Understand the meaning of capitalism, socialism and mixed economy.
- Identify the main features, merits and demerits of different economic systems.
- Distinguish between developed and underdeveloped economies.
- Explain the difference between economic growth and economic development.
- Recognise how ownership, planning and welfare shape an economy.
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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